With other holidaymakers forking out an average of $145 per night for a short-term stay, those home owners are generating lucrative incomes on weekends they don’t escape the city.
For Cottesloe resident Kristy Lawrence, who runs fashion and homeware label Flannel, leasing out her Gracetown getaway covers yearly expenses, an annual paint and polish and helps with mortgage repayments.
‘If you want to generate income on an existing property and you are in a desirable location, this is the perfect way,’ she said.
‘It can definitely be profitable.
‘But at the end of the day, it is a long-term investment.’
South Perth resident Graham Thompson charges from $330 per night for his four-bedroom Eagle Bay holiday rental and turned over almost $100,000 per annum in the last three financial years.
‘I think with all the turmoil overseas, people are starting to holiday in their own backyard more,’ Mr Thompson said.
‘The South-West is unique and everyone who stays at our place absolutely loves it.’
Despite the earnings, Mr Thompson has recently put his property at 9 Otranto Place on the market in order to build his family’s dream home back in Perth.
– Read more about investing in the South-West region in this week’s special edition of Residential.