Coventry, Southbank & Swanston, Melbourne CBD
Month ahead is base revenue on bookings already confirmed for the coming month against that month's target on the Pricing Framework tab. Melbourne bookings often arrive inside two weeks, so a figure below 100% at this point is a prompt to check pricing rather than a shortfall. The report is refreshed at each month end and the measure moves to the following month with it.
| Property | Last 12 months, to August 2026 | Revenue year on year |
Guest rating Airbnb / Booking.com |
Review responses Both platforms |
Month ahead October, booked at 15 Sep |
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|---|---|---|---|---|---|---|---|---|
| Gross revenue | Against target | Occupancy | Average nightly rate | |||||
| Coventry | A$32,141 | 83%of A$38,617 | 63.2% | A$101.63 | −23.9%like for like | 4.69 / 7.2 | 67%14 of 21 | 108%A$2,450 of A$2,278 |
| Swanston | A$36,163 | 67%of A$54,259 | 52.5% | A$157.53 | first yearlive 30 Sep 2025 | 4.59 / 7.6 | 64%14 of 22 | 71%A$1,462 of A$2,073 |
Calendar years. Stay basis, from the portal booking records, so revenue and rate sit on the same basis and each month holds the nights actually stayed in it. Base rate excludes cleaning and platform fees, so the monthly target is scaled to match. Coventry's first booking arrived on 29 October 2024, Swanston went live on 30 September 2025, so 2025 covers October to December only. September and October 2026 show bookings confirmed at 15 September 2026 and will still change. *March's rate is lifted by the Grand Prix weekend.
Owner stays: Coventry 14 September to 1 October 2025, 17 nights. Swanston 7 to 22 October 2025, 15 nights. Revenue in those months is lower as a result.
The decline sits in three months, and in each the nights disappeared rather than the rate falling. January fell from A$2,742 to A$1,564 while the rate rose from A$102 to A$142. May fell from A$1,600 to A$656 and June from A$2,201 to A$396, both on rates that held or improved. Over the last twelve months revenue is down 23.9% on the same months a year earlier.
Strong through its first spring and summer, reaching A$206 a night in December and A$191 in January, then falling away from April. One seasonal cycle, so no prior year to compare against.
Calendar years, settlement basis, from the monthly owner statements. Where a year is incomplete the appraisal is pro rated using the same seasonal monthly shape as the revenue targets, so a part year is judged against what those months should produce. AirKeeper management of Coventry began on 16 May 2024. Its May to October 2024 income, A$9,594.13, is taken from the owner's workbook, as the portal statements start in November 2024. 2026 runs to August. Swanston went live on 30 September 2025. The A$500 brought forward on each Swanston statement from November 2025 is removed so it is counted once.
Owner stays: Coventry 14 September to 1 October 2025, 17 nights. Swanston 7 to 22 October 2025, 15 nights. Those nights are removed from the appraisal for the year.
Coventry. Its first months with AirKeeper, 16 May to December 2024, reached 75.0% of appraisal. 2025 cleared its appraisal at 117.0%, or 104.2% without the A$3,634.94 cancellation settlement, because a strong first half carried a weak second half. 2026 to August stands at 90.4% of what those months should produce.
Swanston is the further behind of the two, at 61.2% in its first three months and 65.3% in 2026 to August.
Calendar years, distinct occupied nights over nights available, with maintenance blocks excluded from both. Coventry from AirKeeper's first booking in October 2024; Swanston from October 2025. September and October 2026 show bookings confirmed at 15 September 2026 and will still change. Figures above bars are average nightly rate.
Owner stays: Coventry 14 September to 1 October 2025, 17 nights. Swanston 7 to 22 October 2025, 15 nights. Occupancy in those months is lower as a result.
The weak months are empty. January 2026 at 35.5%, May at 32.3% and June at 11.5%.
59% of nights are in stays of 20 nights or more, which holds occupancy in other months at a lower rate.
The weak months are sold too cheaply rather than empty. From April to June it held 27% to 43% occupancy, but at A$106 to A$118 a night against A$147 across the rest of the year. One stay of 20 nights or more, 11% of nights.
Airbnb scores are out of 5, Booking.com out of 10. VRBO and Stayz are excluded: they are one listing per property under two brands, each showing 9.4 from 13 "external reviews", a count that matched Airbnb exactly on both properties when checked, so the score is imported rather than independently gathered. Figures marked in colour are the weakest scores. Review responses are replies posted publicly on the listing, checked on 17 September 2026.
| Measure | Coventry, Airbnb | Coventry, Booking.com | Swanston, Airbnb | Swanston, Booking.com |
|---|---|---|---|---|
| Reviews | 13 | 8 | 17 | 5 |
| Review responses | 13 | 1 | 11 | 3 |
| Location | 4.8 | 9.1 | 5.0 | 9.5 |
| Cleanliness | 4.7 | 8.1 | 4.8 | 9.0 |
| Value for money | 4.4 | 6.8 | 4.8 | 8.5 |
| Comfort | n/a | 7.9 | n/a | 9.0 |
| Facilities | n/a | 7.1 | n/a | 9.0 |
| Staff | n/a | 7.1 | n/a | 6.9 |
| Accuracy | 4.8 | n/a | 4.8 | n/a |
| Communication | 4.7 | n/a | 4.8 | n/a |
| Check in | 4.7 | n/a | 4.3 | n/a |
| Overall rating | 4.69 / 5 | 7.2 / 10 | 4.59 / 5 | 7.6 / 10 |
⚑ STL-07 Coventry is 2.2 points lower on Booking.com than Airbnb, 7.2 against an Airbnb equivalent of 9.4 out of 10, largely from one 1.0 review posted on 26 January 2026, which holds the score down by about 0.9 of a point. Booking.com carries 38% of its nights, yet only 1 of its 8 reviews has a reply, and the 1.0 is not among them. Every Airbnb review has one.
⚑ STL-14 Value is weak, and only at Coventry, 6.8 on Booking.com and 4.4 on Airbnb, from two independent sets of guests. Coventry has a pool and spa but no gym or sauna, so this is an amenity and pricing question.
⚑ STL-07 Swanston is 1.6 points lower on Booking.com, 7.6 against an Airbnb equivalent of 9.2 out of 10, held down by a 3.0 review on 29 March 2026 about the car park and access instructions. It has no reply, and nor does a 3 star Airbnb review from July 2026 describing a two hour check-in over the car park fob. Replies on Airbnb stopped after June 2026, leaving 11 of 17 answered.
Staff is its weakest score at 6.9, and Coventry's second weakest at 7.1. It appears on Booking.com only and measures the managing agent rather than the apartment.
Location is the strongest score at both, which supports the agreed repositioning of both listings around it.
One point per stay, departed and arrived only. Lead time is the interval between the booking being made and arrival. Three stays booked more than 180 days ahead are plotted at the axis limit.
Coventry: no relationship. Median rate A$94 on bookings made more than 17 days out against A$88 for later ones, a rank correlation of +0.13. The apparent trend comes from two Grand Prix bookings made more than 150 days out. Its problem is not the booking window.
Swanston: booking earlier pays. A$155 against A$121, a rank correlation of +0.53.
One point per stay. Rates above A$480 are plotted at the axis limit.
Coventry: longer stays earn less, a rank correlation of −0.38. A dense cluster above A$120 at short stays falls to between A$43 and A$97 beyond 20 nights. Event night floors in the pricing framework now apply to every booking, so a long stay across an event is priced at the floor on those nights.
Swanston: no long stay problem, a rank correlation of −0.14, with one stay of 21 nights at A$114.51.
FY2025/26, in calendar order. Windows: Australian Open 12 January to 1 February, Grand Prix 5 to 9 March 2026, Easter 3 to 6 April 2026, Caulfield Cup and Cox Plate weekends 17 to 19 and 24 to 26 October 2025, Melbourne Cup Carnival 1 to 8 November, Christmas and New Year 24 December to 2 January. Rest of year excludes all six. The AFL Grand Final is omitted because neither property has a trading record for it: Coventry was owner occupied across that window and Swanston did not go live until 30 September 2025.
Coventry. The Grand Prix earned about five times the usual rate, Christmas and New Year 48% more and Easter 36% more.
The Australian Open is where January went: 8 of 21 nights sold, at a reasonable A$132 on the nights it did sell.
⚑ STL-12 Melbourne Cup Carnival earned only 17% more despite selling 7 of 8 nights, and the October racing weekends earned no premium.
Swanston. The Grand Prix earned about four times the usual rate and Christmas and New Year 77% more. It sold 17 of 21 Australian Open nights.
⚑ STL-12 Melbourne Cup Carnival earned only 5% more despite selling every night, and Easter and the October racing weekends earned no premium, with 2 of 6 racing nights sold.
Calendar year, January to December. The agreed approach is AirKeeper's Full-Year Pricing Plan of 8 September 2026; the event column lists annual events and one-off concerts and sporting events, with dates from the organisers and AirKeeper's loaded rate card of August 2026. Target revenue is gross, shaped to each property's own seasonality from the portal booking records and scaled so the twelve months sum to the gross each appraisal requires. Rate floors are nightly minimums on the event nights, for any booking that includes them, calculated as below. Nightly rates still move dynamically with booking pace, competitor pricing and demand above any floor. The Grand Prix falls on 2 to 4 April, where FY2025/26 had it in March, so its share of March's revenue is moved into April, pro rated to the shorter three night window, with the balance spread across the year so the twelve months still sum to the appraisal. All targets and floors shown are the owners' proposal.
| Rate floor calculation | Coventry | Swanston |
|---|---|---|
| Baseline: average nightly rate on every FY2025/26 night outside the six event windows on the Booking Behaviour tab, from the portal booking records. The Rest of year bar on that chart | A$85.87 | A$147.45 |
| Event with a trading record: the rate achieved on that window in FY2025/26 | as achieved | as achieved |
| Australian Grand Prix: 70% of the rate achieved, as it rests on a single booking per property | A$458.36 × 0.7 | A$576.31 × 0.7 |
| Event with no trading record, including the one-off concerts: baseline × 1.3 | A$111.63 | A$191.69 |
| Minimum: no floor sits below the baseline | A$80 | A$140 |
Every floor is rounded down to the nearest A$10.
| Month | Agreed approach | Event | Coventry | Swanston | ||
|---|---|---|---|---|---|---|
| Target revenue | Rate floor | Target revenue | Rate floor | |||
| January | Maintain strong summer pricing and protect rates | Australian Open11–31 Jan | 3,394 | A$130 | 8,469 | A$200 |
| February | Reassess following summer demand, monitor booking pace | — | 3,192 | — | 4,188 | — |
| March | Event and demand led pricing | Labour Day and Moomba6–9 Mar | 2,946 | A$110 | 2,610 | A$190 |
| Comedy Festival opens24 Mar | A$110 | A$140 | ||||
| Easter26–29 Mar | A$110 | A$140 | ||||
| April | Monitor autumn softening and booking pace without reducing too early | Australian Grand Prix2–4 Apr | 5,376 | A$320 | 5,182 | A$400 |
| Comedy Festivalto 18 Apr | A$110 | A$140 | ||||
| May | Competitive winter positioning, focusing on rate as well as occupancy | — | 1,778 | — | 2,824 | — |
| June | Winter pricing, protect achievable rate, selective long stays | King's Birthday12–14 Jun | 2,047 | A$110 | 1,557 | A$190 |
| July | Winter. Monitor demand and lead times, take long stays only where the rate is commercially worthwhile | — | 3,450 | — | 3,857 | — |
| August | Reposition ahead of spring, begin building rates and protect future event dates | — | 3,149 | — | 4,767 | — |
| September | Protect the AFL Grand Final and surrounding event dates, premium event pricing | AFL Grand Final24–28 Sep | 3,969 | A$110 | 4,855 | A$190 |
| October | Increase around major events and school holiday demand | Post MaloneMarvel Stadium, 9 Oct 2026 | 2,278 | A$110 | 2,073 | A$190 |
| Caulfield Cup17 Oct | A$80 | A$140 | ||||
| Cox Plate24 Oct | A$80 | A$140 | ||||
| November | Strong event pricing around the Melbourne Cup Carnival and major concerts | Melbourne Cup Carnival31 Oct–7 Nov | 4,049 | A$100 | 7,058 | A$150 |
| Robbie WilliamsMarvel Stadium, 11 Nov 2026 | A$110 | A$190 | ||||
| Foo FightersMarvel Stadium, 14 Nov 2026 | A$110 | A$190 | ||||
| Harry StylesMarvel Stadium, 27–28 Nov 2026 | A$110 | A$190 | ||||
| December | Christmas and New Year premium, maximise high demand dates and restrict long stay discounting | Harry StylesMarvel Stadium, 2 Dec 2026 | 2,989 | A$110 | 6,819 | A$190 |
| Guns N' RosesMarvel Stadium, 11 Dec 2026 | A$110 | A$190 | ||||
| Christmas and New Year24 Dec–2 Jan | A$120 | A$250 | ||||
| Boxing Day Testfrom 26 Dec | A$120 | A$250 | ||||
| Full year | 38,617 | 54,259 | ||||
Annual event One-off concert or sporting event
As shared by AirKeeper in the Performance Review of 5 August 2026, Airbnb ratings and review counts at that date. Host names are omitted. Subject ratings are as AirKeeper reported them; current figures are on the Performance tab.
| Listing | Rating | Reviews | Configuration | Facilities and notes | Status |
|---|---|---|---|---|---|
| Coventry (subject) | 4.69 | 13 | 1 bed, 1 bath, sleeps 2 | Pool and spa, no gym or sauna. Value 4.4 is its lowest score | Subject |
| Modern 1BR The Evermore, Southbank | 5.0 | 10 | 1 bed, 1 bath, sleeps 4 | Pool, gym, sauna, cinema, premium appliances. Guest Favourite | Withdrawn 8 Sep |
| City View Luxury Apartment, Dorcas St | 5.0 | 77 | 1 bed, 1 bath, sleeps 2 | Heated pool, gym, two saunas, parking. Top 5%, view led | Withdrawn 8 Sep |
| Views of Botanic Gardens, Bellevue Botanic | new | 1 | Studio, sleeps 2 | Pool and gym. Title leads with a named landmark view | Not withdrawn |
Two of the three comparables were withdrawn on 8 September because they sit in a higher bracket with gym, sauna and cinema facilities Coventry does not have. AirKeeper will rebuild the set around Southbank 1 bedroom, sleeps 2 apartments of comparable building and quality, with no assumption of gym or sauna.
⚑ STL-05 The rebuilt listings have not yet been shared.
The comparables with the deepest review history lead with a named view and premium furnishing brands, where Coventry's description gives its balcony view a single line.
| Listing | Rating | Reviews | Configuration | Facilities and notes | Status |
|---|---|---|---|---|---|
| Swanston (subject) | 4.62 | 13 | 2 bed, 1 bath, sleeps 4 | Pool and gym, no spa or sauna. Check-in 4.4 is its lowest score | Subject |
| Amazing CBD Location, Lighthouse building | 4.9 | 48 | 2 bed, 1 bath, sleeps 4 | Pool, spa, sauna, gym. Check-in 4.9. Guest Favourite | Current |
| 2 mins from Melbourne Central | 4.73 | 137 | 2 bed, 1 bath, sleeps 4 | No pool or gym. Wins on review volume, hospitality and cleanliness | Current |
| CBD 2BR With Pool, near Free Tram Zone | 5.0 | 18 | 2 bed, 2 bath, sleeps 6 | Pool and gym, second bathroom. Top 10% | Current |
All three comparables out-rate Swanston, including the one with no pool or gym, which leads on review volume. The closest match, the Lighthouse listing, has the same facilities plus spa and sauna and scores 4.9 for check-in against Swanston's 4.4, which points to arrival execution rather than facilities.
⚑ STL-06 Check-in is the gap to close, and it is the car park and three building arrival already tracked.
Every charge on each property's FY2025/26 annual statement, grouped by type, with each type's share of operating charges. Compliance and maintenance is shown below the line and excluded from the totals, as it is capital rather than operating.
| Charge | Coventry | Share | Swanston | Share |
|---|---|---|---|---|
| Management commission | 3,913.62 | 75.7% | 4,195.39 | 91.4% |
| Essentials and toiletries | 550.00 | 10.6% | nil | — |
| Cleaning | 517.00 | 10.0% | 378.00 | 8.2% |
| Guest refund | 190.00 | 3.7% | nil | — |
| Replacement items | nil | — | 15.00 | 0.3% |
| Operating charges | 5,170.62 | 100% | 4,588.39 | 100% |
| As a share of gross | 19.8% | 16.8% | ||
| Compliance and maintenance | 541.20 | excluded | nil | excluded |
Commission is correct at exactly 15.0% on every booking line, and it makes up most of the charges, so charges are not the route to either appraisal. The answer has to come from revenue.
Compliance and maintenance was A$541.20 for safety compliance checks on 25 May 2026, with a further A$295.90 for smoke alarm rectification unpaid at year end. Including it, Coventry's charges were 21.9% of gross, the ratio the appraisal targets are derived from.
The year's income also includes a A$1,631.15 payout for a cancelled booking, received in full with no management fee. Trading gross from stays was A$24,459.66.
Commission alone is 91% of Swanston's operating charges, with nothing unpaid at year end.
Raised 2026-08-19
| Action | Owner | Due |
|---|---|---|
| Complete the review request cadence check, request removal of the 26 January 2026 Coventry review on Booking.com, and reply to the unanswered critical reviews on both properties | AirKeeper | 2026-09-22 |
Raised 2026-08-19
| Action | Owner | Due |
|---|---|---|
| Confirm when the parking and access document is sent, whether it triggers automatically, and whether departure instructions cover regaining car access | AirKeeper | 2026-09-22 |
Raised 2026-08-19
| Action | Owner | Due |
|---|---|---|
| Share the rebuilt Coventry comparable set: the Southbank 1 bedroom, sleeps 2 listings now used as pricing benchmarks | AirKeeper | 2026-10-02 |
Raised 2026-07-14
| Action | Owner | Due |
|---|---|---|
| Provide the inspection findings for each property, the recommended updates in priority order, and estimated costs | AirKeeper | 2026-09-25 |
Raised 2026-07-14
| Action | Owner | Due |
|---|---|---|
| Review the monthly targets and event rate floors added to the framework and advise whether they are feasible | AirKeeper | 2026-10-02 |
Raised 2026-08-19 · Closed 2026-09-18
Raised 2026-08-19 · Closed 2026-09-17
Issue references are stable and are not reused. History entries record each exchange between the owners and AirKeeper.