The Formula One race in Melbourne is a major event that attracts thousands of visitors to the city each year. We see the race’s impact on Airbnb listings and the properties we manage each year.
The sport’s popularity and the demand for bookings go hand in hand. Globally, Formula One has seen a recent boom of followers, most of which is because of the Netflix series Drive to Survive, which has opened up the sport to a new generation of fans. Back in February, when the tickets were released to the public – most were sold in a matter of days!
“There is likely to be a record crowd for this year’s event, and for the 2023 race, we’ve seen strong bookings for properties.”
— Farah
The top 5 locations where people are staying:
- Albert Park and Middle Park
- St. Kilda
- South Yarra
- Melbourne CBD/Southbank
- Docklands
“Properties in these areas were booked out weeks ago, with some booked ten weeks in advance. Rates are anything from double to five times the normal rate depending on size and proximity to the track. And we’ve worked hard to ensure pricing was optimized for each client’s properties.”
