The Sharing Economy has taken another step with savvy homeowners living in holiday hot-spots renting out their homes during event times.

Sally Godfrey. Photo: au.linkdin.com

Sally Godfrey. Photo: au.linkdin.com

Sally Godfrey, from HomeAway.com.au said people used to rent out second homes or untenanted investment properties. But that was beginning to change. Many locals are desperate to get away from local events. They are capitalising on their absence by renting out their own homes while they do.

Ms Godfrey estimated around 5 per cent of the listing handled by her group were for short-term rentals. “We see this happening mainly in capital cities, including suburbs such as Glenelg in Adelaide, Port Melbourne and Bondi Beach and Randwick in Sydney.”

Warmer holiday destinations, particularly those popular for their beaches are attracting visitors year round; the most popular being Byron Bay, Kiama and Narooma.

Homes vacated for large events such as car racing, and tennis events are attracting visitors from around the world. Ms Godfry said, “On average, homewoners that list their property with us receive $1140 per week.” The factors contributing to the rent you can charge depend on the property’s location to the event or amenities, its condition and what the property offers in terms of luxury and elegance.

Of course the basics of supply and demand are as relevant here as anywhere. During high-season popular beach destinations can see their rental process rise by 60 per cent.

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