Insane reason Aussie homes are renting out for up to $210k a week
While ordinary renters face a deepening housing crisis, some landlords are charging more per week than many tenants earn in years.
Sydney’s luxury holiday rental market is hitting eye-watering highs, with some properties commanding rents of up to $210,000 a week as the summer influx begins.
With visitors chasing prime vantage points for New Year’s Eve fireworks or seeking a high-end escape over the festive period, a handful of Sydney homes are being listed at prices more commonly associated with international superyachts than short-term stays.
Among the most lavish is Contemporary Hotels’ “The Residence” in the CBD, which is being offered for $210,000 a week over Christmas and New Year.
The multi-level property accommodates 14 guests and features a private rooftop pool as well as an in-house chef.
In Bellevue Hill, a week at the aptly named “One” comes in at $100,000, while “La Corniche”, a harbourside residence with uninterrupted views of the Harbour Bridge, is available for $70,000 a week.
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Industry insiders say demand for prestige rentals remains resilient, driven by a mix of international travellers, high-net-worth visitors and locals seeking a once-a-year splurge for Sydney’s marquee summer events.
Luxury property rentals service Cobbold & Co owner Penelope Cobbold was tight lipped on what the current most expensive rent was but said New Year was driving up demand.
Ms Cobbold said 85 per cent of inquiries over the summer period come from overseas.
“There’s only a small number of houses that are available to rent for New Year’s Eve, because most people who own those houses overlooking the harbour don’t need to rent their houses or don’t want to, but we have a handful of houses where the owners might be overseas – that are happy to open their doors to a nice family as long as they are screened very carefully,” she said.
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Ms Cobbold said they offer about 50 high-end luxury houses with four to six bedrooms, pools, gyms and saunas that are rented out over the Christmas and New Year period to people coming in to watch the cricket and see the fireworks.
“That week of New Year’s Eve is obviously the absolute premium week and you can charge two to three times what that house might get any other time of year,” she said.
“Families get together, there may be two families taking a lovely house, they may bring their nannies, they may bring a housekeeper, we will normally find them a private chef, pick them up from the airport with a private car and then if they want anything like a seaplane, or a private boat on the harbour – we can organise it for them.
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“Those sort of wealthy families that come in they book a long time in advance, pay a premium dollar and they expect a premium service … everything from lobster for breakfast if they fancy it to private car, private boat.
“Some of them will hire boats on the harbour and spend up to $100,000 to have a private yacht.”
Ms Cobbold said there are four or five houses they rent for $12,000 a night for a minimum seven night stay.
“What people want is a really modern house with a large garden, a large swimming pool, harbour or sea view and access to a jetty and a private beach would be the icing on the cake,” she said.
“If you can get that you will be paying well over $10,000 a night and a minimum of seven nights.”
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This comes as Sydneysiders face a deepening struggle with the average renter battling unsustainable costs and shortage of housing.
The median rental price for houses in Greater Sydney sits at $800, while units have a $750 median, according to PropTrack data.
This year also saw several suburbs across NSW recording more than 30 per cent year-over-year rent price hikes.
A confronting report also revealed three in four renting households nationwide are now in “rental stress”, spending an unsustainable share of their income just to stay housed.
“Although rental growth has typically slowed of late, there are still many people arriving in Sydney, particularly from overseas, that need somewhere to rent which maintains the upward pressure on rents,” Cameron Kusher director of Kusher Consulting said.
Mr Kusher said the country wasn’t building enough new housing to cater to the growing population.
“Rental affordability is clearly a challenge and renters will have to consider their willingness to pay higher rents for a better location, their capacity to do so and the impact paying more on rent may have on their quality of life.”
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Originally published as Insane reason Aussie homes are renting out for up to $210k a week