An increase of tourism numbers and spending is a major growth opportunity for investors with short-term lets and apartments in Victoria, a real estate expert has said.
The results of the National and International Visitor Surveys has found tourism expenditure in Victoria rose by 8.6 per cent to $28.2 billion over the last 12 months to September 2018, as well as total visitors to and within the state also rising by 8.2 per cent up to 82.3 million.
Local overnight spending in the state was also up by 9.8 per cent to $14.6 billion, while the number of visitors were up by 6.8 per cent to 25.4 million.
Of particular note was a rise in spending from Asian countries, which included India at 35.5 per cent, China at 20.4 per cent, Japan at 16.3 per cent and Indonesia at 11.8 per cent.
These figures, according to the CEO of the Real Estate Institute of Victoria, Gil King, are proving to be beneficial for those with short-term letted property thorough services like Airbnb and Stayz as well for those selling apartments to families of international students.
“Holiday accommodation is no longer confined to hotels, holiday parks and hostels as it was up until a decade or so ago. These days, many tourists (particularly families) are choosing to stay in privately-let holiday rentals which has stimulated the market for investment properties, particularly Inner Melbourne apartments and houses in beachside towns,” Mr King said.
“Melbourne was ranked the … third best student city in the world in 2018 and welcomed 200,000 international students in 2017. The families of these students are a big contributor to Melbourne’s tourism success and, in some instances, are incentivised to purchase property here.”
Visit Victoria’s CEO Peter Bingeman said the recent rise in tourism is both a job and economic driver for all around the state.
“We’re going to make sure that the visitor economy continues its phenomenal growth in the future with strategies like Victoria’s Golf Tourism Strategy 2018–2023 and partnerships with the likes of the NRL, Rugby Union and NGV,” Mr Bingeman said.