The Gibson, Vaucluse rents for $70,000 pw over Christmas and New Year through Contemporary Hotels.
Sydney’s luxury holiday rental market is reaching eye-popping highs, with some properties commanding rental prices of up to $210,000 per week as the summer influx begins.
As visitors seek prime vantage points for New Year’s Eve fireworks or seek a luxurious escape over the festive period, a handful of Sydney homes are being offered for sale at prices more commonly associated with international superyachts than short-term stays.
One of the most lavish is Contemporary Hotels’ ‘The Residence’ in the CBD, which is on offer for $210,000 per week over Christmas and New Year.
The multi-storey property can accommodate 14 guests and features a private rooftop pool and an in-house chef.
In Bellevue Hill, a week at the aptly named “One” costs $100,000, while “La Corniche,” a harborside residence with uninterrupted views of the Harbor Bridge, is available for $70,000 per week.
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Residence Contemporary Hotels’ private rooftop pool rents for $210,000pw over Christmas and New Year’s Eve
‘One’ Contemporary Hotels has a weekly rental rate of $100,000 during Christmas and NYE
Industry insiders say demand for prestige rental accommodation remains resilient, driven by a mix of international travellers, wealthy visitors and locals looking to splurge once a year for Sydney’s big summer events.
Penelope Cobbold, owner of luxury property rental company Cobbold & Co, was tight-lipped about what the current most expensive rental price was, but said New Year’s increased demand.
Ms Cobbold said 85 per cent of inquiries during the summer period come from abroad.
“There are only a small number of houses available to rent for New Year’s Eve because most people who own houses with harbor views don’t need or don’t want to rent out their homes, but we have a handful of houses whose owners may live abroad – who would be happy to open their doors to a nice family as long as they are screened very carefully,” she said.
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La Corniche Contemporary Hotels can be rented during Christmas and NYE for $70,000 pw
Ms Cobbold said they offer around 50 luxury homes with four to six bedrooms, swimming pools, gyms and saunas which are rented out over the Christmas and New Year period to people coming to watch the cricket and see the fireworks.
“That New Year’s Eve week is obviously the absolute premium week and you can charge two to three times what that house would get at any other time of year,” she said.
“Families come together, there can be two families who take a nice house, they can bring their nanny, they can bring a housekeeper, normally we find them a private chef, pick them up from the airport in a private car and then if they want something, like a seaplane or a private boat in port, we can arrange that for them.
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This Bondi Pool Penthouse can be rented through Contemporary Hotels for $50,000pw
“Those kinds of wealthy families that come in, they book way in advance, they pay a premium dollar and they expect premium service… everything from lobster for breakfast if they feel like it, to a private car and a private boat.
“Some of them rent boats at the harbor and spend up to $100,000 on a private yacht.”
Ms. Cobbold said there are four or five houses that 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, harbor or sea views and access to a jetty and a private beach would be the icing on the cake,” she said.
“If you can get that, you’ll be paying well over $10,000 a night for a minimum of seven nights.”
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Kourtney Kardashian shared images of her stay at the Bellevue Hill mansion which can be rented for up to $14,000 per night with a minimum of 14 nights during NYE. Image: Instagram. KourtneyKardashian
This comes as Sydneysiders face a deepening struggle with the average renter facing unsustainable costs and a housing shortage.
The average rental price for houses in Greater Sydney is $800, while units have a median of $750, according to PropTrack data.
This year, several suburbs in NSW also saw rent increases of more than 30 percent year-on-year.
A confronting report also revealed that three in four renting households across the country are now in ‘rental stress’, spending an unsustainable proportion of their income just to stay housed.
“While rental growth has generally slowed recently, there are still many people coming to Sydney, especially from overseas, who need somewhere to rent, maintaining upward pressure on rental prices,” said Cameron Kusher, director of Kusher Consulting.
Winanga House in Point Piper for $15ka night during NYE. Image: Cobbold & Co
Kusher said the country is not building enough new housing to accommodate its growing population.
“Rent affordability is clearly a challenge and tenants will need to consider their willingness to pay higher rents for a better location, their ability to do so and the impact that paying more rent may have on their quality of life.”
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