A guide to renting out your home as a luxury holiday rental on the Gold Coast

Renting out your home as a holiday rental is a fantastic opportunity to earn additional income. As interest in short-term rentals continues to grow there’s great potential for profit, especially for properties that offer a taste of luxury and convenience on the stunning Gold Coast.

Homes with luxurious features—from spacious bedrooms and stunning outdoor areas to unique entertainment spaces and waterfront views—are especially appealing. Whether you’re in a coastal area or a popular tourist destination (or both, like our Mater Prize Home!), offering these features in a well-maintained, thoughtfully furnished property can make it a favourite among guests, leading to excellent occupancy rates and repeat bookings. 

Mater Prize Home lottery No. 316 offers the perfect luxury holiday rental opportunity. With its seven bedrooms, elegant coastal design, canal location, and lavish amenities, this Gold Coast home is primed to be a dream destination for holidaymakers. In fact, the estimated rental potential for this furnished waterfront prize home is $130,000* per year! Renting out a property of this calibre as a holiday rental can provide significant income, all while offering travellers a luxurious experience.

With the right preparation, your prize home can become a desirable getaway for guests seeking a unique, high-end holiday experience. Here’s a guide on what to consider before making your property a sought-after holiday retreat.

Buy Tickets

Renting out your home offers a range of advantages, from financial benefits to making the most of a property that might otherwise sit empty. When it comes to our prize home, if you already own your own home elsewhere and don’t want or need to move into this Gold Coast abode permanently, renting it out while still retaining ownership could offer you an amazing opportunity.

Income potential: Holiday rentals, especially in prime destinations like waterfront areas or popular tourist regions, can yield significant income. A well-maintained, high-end property can command premium rental rates during peak seasons. For locations like the Gold Coast where the weather is idyllic year-round, you further enhance your desirability for back-to-back bookings.

Tax deductions: Renting your home may make you eligible for tax benefits, such as deductions for maintenance, cleaning, utilities, and property management services.

Increased property value: A home that’s popular as a holiday rental, receiving positive guest reviews and maintaining a high occupancy rate, may increase its market appeal and value if you decide to sell in the future. A proven track record of steady income will be an enticing incentive for buyers looking to also rent out the property upon purchase.

Features that make a holiday rental stand out

To attract guests, your property should offer features that appeal to holidaymakers, especially in a competitive market like the sunny Gold Coast. Here are some amenities and features that can help make your home an attractive choice:

Spacious layout and ample bedrooms: Large families and groups love rentals that offer enough bedrooms for everyone to relax comfortably. Properties with five or more bedrooms, and especially those with a dedicated master suite with luxurious elements like dual vanities or an ensuite with a soaking tub, are especially attractive.

Outdoor entertaining areas: Indoor-outdoor living is highly desirable, particularly in coastal or warm regions. Outdoor spaces equipped with dining areas, lounge seating, and especially those with a pool can make a property feel like a resort. Multi-tiered pools (like the one in our Mater Prize Home) or those with unique design elements are particularly memorable and appealing for holiday guests.

Proximity to waterfront or scenic Locations: If your home is near the ocean, a lake, or a scenic location, capitalise on those views. Canal-front homes with a private pontoon, for instance, offer guests a rare opportunity to enjoy waterfront living, whether for boating access or simply relaxing by the water.

High-end furnishings and decor: A sophisticated decor theme, whether coastal, modern, or luxurious, helps create a relaxing atmosphere. Finishes in black, white, or wood tones offer a timeless, elegant appeal that’s perfect for upscale rentals. High-quality linens, stylish furniture, and thoughtful decor touches can transform your home into a luxurious retreat that guests won’t want to leave.

Entertainment options: Guests often look for properties that provide more than just a place to sleep. Offering entertainment features like a media room for movie nights, a games area, or even an upstairs retreat space can enhance the guest experience. These options allow guests to enjoy a variety of activities without ever leaving the property.

What you need to know before renting out your home

Preparing your home as a holiday rental requires attention to detail and planning. Luckily, our Mater Prize Home is move-in ready and fully furnished, offering an appealing turn-key opportunity for those wanting to rent it out to holiday-goers. But before you list it, also take into consideration these key details:

Legal requirements and insurance: Start by understanding any local regulations for holiday rentals. You’ll also need to confirm that your insurance covers short-term rentals, and you may want to consider additional coverage for added peace of mind.

Setting up management and maintenance: Consider hiring a property management service if you’re unable to handle bookings and maintenance personally. Services typically include guest communication, cleaning, repairs, and check-in/check-out logistics, all of which can ensure a smooth rental experience and keep your property in top condition.

Guest guidelines and house rules: Establishing clear guidelines for guests (such as no smoking or pet policies) and providing an amenities guide can create a seamless experience and protect your home.

Marketing your holiday rental

Made the decision to rent out your home? To stand out in the competitive holiday rental market, you’ll need to attractively market your home. Here are a few marketing tips:

High-quality photos and virtual tours: Professional photography that showcases the best aspects of your home, such as water views, a luxurious master suite, outdoor living areas, or unique decor, are essential - especially for luxury properties. Virtual tours or video walkthroughs can also give potential guests a clear sense of the space and ambiance.

Highlight key selling points: On platforms like Airbnb or other luxury rental sites, it’s imperative that you emphasise the unique features that set your home apart from other listed properties. Showcase any extras, such as a multi-level pool, private pontoon, or specialised entertainment areas, as these are highly valued by guests looking for a memorable holiday.

Encourage guest reviews: Positive reviews help boost bookings by building trust with potential renters. High ratings for cleanliness, hospitality, and amenities can quickly establish your home as a top-rated choice.

Ready to earn extra income with your very own luxury rental property? Buy your tickets today for your chance to win our waterfront Mater Prize Home on the Gold Coast which would be ideal for a lucrative holiday rental opportunity. Plus, for every ticket you purchase you’re helping support the vital medical research and patient care at Mater.

Buy Tickets

*Based on estimated rental return July 2024