Exploring the Airbnb market in Melbourne offers a promising opportunity for those looking to earn extra income. Whether you're considering it as a retirement project, a new investment, or simply an exciting venture, Airbnb can be a lucrative option.
We’ve done the legwork and pinpointed the top areas in Melbourne where Airbnb properties are thriving. While these insights provide a helpful starting point, it’s crucial to conduct your own research before making any investment decisions.
For personalised advice and to get started on your Airbnb journey in Melbourne, don't hesitate to contact us. We’re also thrilled to offer our Complete Plan for the Metro area to assist you further!
8. St Kilda
St Kilda stands out for its stunning beach, vibrant nightlife, and eclectic culture. This suburb is a magnet for both locals and tourists, making it a prime location for Airbnb rentals. Hosts in St Kilda can expect an average annual revenue of $72,723.30, with properties enjoying a 68% occupancy rate (248 days per year). The area's popularity means a steady stream of guests and an engaging local scene that adds charm to your property.
7. South Yarra
Known for its sophisticated atmosphere, South Yarra boasts fashionable boutiques, high-end dining, and ample opportunities for relaxation. This upscale suburb appeals to both business travelers and vacationers looking for a touch of luxury. Airbnb hosts here can anticipate an average annual revenue of $79,567.99, with a robust 74% occupancy rate (270 days per year). Its trendy reputation and prime location make it a sought-after spot for discerning guests.
6. South Melbourne
South Melbourne is a vibrant suburb renowned for its rich history, cultural offerings, and bustling market scene. The area combines historic charm with modern amenities, attracting a diverse range of visitors. Airbnb listings in South Melbourne generate an average annual revenue of $80,119.37, with a 74% occupancy rate (270 days per year). Its cultural and historical appeal makes it a unique destination for travellers.
5. Melbourne CBD
The central business district (CBD) of Melbourne is the epicentre of the city’s attractions, dining, and entertainment. Hosting an Airbnb property here means tapping into the heart of Melbourne's vibrant urban life. Average annual revenue for Airbnb listings in the CBD is $85,333.98, with a 77% occupancy rate (281 days per year). The CBD's dynamic environment ensures a high demand for short-term rentals.
4. Richmond
Richmond offers a lively blend of shopping, entertainment, and green spaces, making it a popular choice for visitors. Its diverse offerings and active local scene contribute to its appeal. Airbnb hosts in Richmond can earn an average annual revenue of $86,327.48, with an occupancy rate of 78% (284 days per year). The suburb’s engaging atmosphere ensures a steady flow of guests.
3. Albert & Middle Park
Albert Park and Middle Park are serene suburbs that highlight Melbourne's natural beauty and cultural richness. These areas are perfect for guests looking for tranquility and scenic views. Airbnb listings here average $89,251.27 in annual revenue, with a high occupancy rate of 79% (288 days per year). The suburbs’ peaceful environment and cultural heritage attract visitors seeking a relaxing stay.
2. Fitzroy & Collingwood
Located just north of the CBD, Fitzroy and Collingwood are known for their vibrant arts scene, trendy dining options, and unique shopping experiences. These adjacent suburbs are popular among those who enjoy a creative and energetic atmosphere. Airbnb properties in Fitzroy and Collingwood generate an average annual revenue of $92,954.17, with an occupancy rate of 78% (284 days per year). Their cultural dynamism makes them attractive to a wide range of guests.
1. Southbank
Southbank is famous for its stunning views of the Yarra River and its diverse range of recreational activities. This waterfront area is a favourite among both tourists and locals. Airbnb hosts in Southbank can expect an average annual revenue of $93,421.05, with a 75% occupancy rate (273 days per year). The area’s picturesque setting and vibrant activities make it a highly desirable location for short-term rentals.
**This data is based on 1-3 bedroom properties and provides a snapshot of the Airbnb potential in these sought-after Melbourne locations.