Markets in a ‘sound’ state despite shift: PIPA
The winds of change are sweeping through the country’s real estate market, but for Property Investment Professionals o...
East coast holiday destinations are gearing up for a stronger holiday letting market for summer 2012/13, according to real estate group Raine & Horne.
On the NSW Central Coast, Raine & Horne Terrigal/Avoca Beach is reporting that demand for executive holiday lettings are up 28 per cent compared to this time last year, while holiday home occupancy rates are as much as 20 per cent stronger on Queensland’s Gold Coast.
Similarly on the popular NSW south coast, Adam Porteous, principal of Raine & Horne Batemans Bay, which has 145 holiday homes under management, is reporting an improvement in bookings compared to the same time last year.
“We are currently 60 per cent booked for the Christmas period, where it was about 45 per cent at this time in 2011,” says Mr Porteous, who confirms waterfront homes will rent for up to $4,000 over summer, while one-bedroom units lease for $1,650 a week.
“Bookings will increase significantly in November and we expect to be at 100 per cent capacity by the third week of December,” confirms Mr Porteous.
Meanwhile in Queensland, Raine & Horne Surfers Paradise reports that occupancy rates for holiday homes were up by 20 per cent in October, compared to 12 months prior.
“The market is definitely more active this year when compared to the same time last year,” says Clark Brackenridge, principal of Raine & Horne Surfers Paradise.
“In October 2011, our holiday letting occupancy rates were at 70 per cent, but this year’s October holiday period saw a marked improvement with occupancy rates increasing to 90 per cent,” says Mr Brackenridge, who suggests the region’s improved weather is luring sun seekers back to the Gold Coast.
Mr Brackenridge confirms a one-bedroom apartment in Surfers Paradise will set holidaymakers back about $130 a night.
On Queensland’s Fraser Coast, holiday bookings are also expected to surge in the next few weeks.