Coventry, Southbank & Swanston, Melbourne CBD
Twelve months to August 2026, the last complete month, on a stay basis from the owner statements. Bookings still running at month end are completed from the statement's Monies To Follow section, so nothing in the first four columns is estimated. Swanston has eleven trading months in the window. Month ahead is the only figure taken from the booking records: Melbourne bookings often arrive inside two weeks, so below 100% now is a prompt to check pricing rather than a shortfall.
| 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 |
|||
|---|---|---|---|---|---|---|---|---|
| Gross revenue Stay basis |
Against target | Occupancy | Average nightly rate | |||||
| Coventry | A$27,260 | 71%of A$38,617 | 63.2% | A$119.56 | −28.1%Oct to Aug, like for like | 4.69 / 7.2 | 67%14 of 21 | 127%A$2,883 of A$2,278 |
| Swanston | A$32,744 | 60%of A$54,259 | 52.5% | A$186.05 | first yearlive 30 Sep 2025 | 4.59 / 7.6 | 64%14 of 22 | 83%A$1,728 of A$2,073 |
Calendar years, stay basis. Each booking's gross income comes from the owner statements and is spread across the nights of the stay. Gross is before AirKeeper's charges, the same basis as the targets. Coventry's first booking arrived on 29 October 2024 and Swanston went live on 30 September 2025, so their opening years are part years. Owner stays are recorded at nil.
September and October 2026 are estimated from the booking records, grossed up by the management fee, 15.0% at Coventry and 15.4% at Swanston. The method reproduces August exactly. Both will rise, as the records were pulled on 15 September. *Coventry's January to April 2025 carry A$10,608 of undated long term rent, spread over booking 8182's 86 nights at A$173.60. *Swanston's March rate is lifted by the Grand Prix. The target line carries the Grand Prix in April, the bars carry it in March. It fell on 5 to 9 March in FY2025/26 and moves to 2 to 4 April in 2027, so its share of the target has been moved into April and pro rated to the shorter window. March will therefore look ahead of target and April behind it, on both properties, for reasons of the calendar rather than of trading.
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.
Coventry is down 28.1% like for like, A$26,888 across October to August against A$37,382 in the same months a year earlier. The twelve months to August 2026 come to A$27,260, 71% of the A$38,617 target, on 63.2% occupancy at A$119.56 a night.
May and June are where it broke. May fell from A$1,882 to A$772 and June from A$2,589 to A$466, on nights down from 22 to 10 and from 26 to 3. June also carried four maintenance nights. July held at A$2,426 and August rose from A$1,642 to A$3,058 on 29 nights, its strongest month since March.
January to April 2025 cannot be compared year on year while the A$10,608 of long term rent sits inside them on dates AirKeeper has not supplied.
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.
| The written appraisal | Coventry | Swanston |
|---|---|---|
| Annual net revenue estimate, as AirKeeper issued it | A$30,160 | A$45,125 |
| Annual gross equivalent, the same appraisal before AirKeeper's charges | A$38,617 | A$54,259 |
Net is after AirKeeper's charges and before owner-paid costs such as utilities, body corporate, repairs and capital works. The bars below are measured against net. The monthly targets on the Pricing Framework tab are measured against gross, and sum to the gross row.
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 peaked in January and has not recovered its rate. A$5,432 on 24 nights at A$226, falling to A$998 in June on 8 nights at A$125. The twelve months to August 2026 come to A$32,744, 60% of the A$54,259 target, on 52.5% occupancy at A$186.05 a night.
Volume has come back, rate has not. July and August ran 20 and 23 nights, close to January's 24, but at A$124 and A$132 against January's A$226. The apartment is selling again at about three fifths of the rate.
October is the one to watch. Eight nights booked at A$216 against a target of A$2,073 for the month. The rate is the highest since January, so the gap is inventory rather than pricing.
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, gross on a stay basis from the owner statements. 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 A$539 against a rest of year rate of A$103, more than five times. Christmas and New Year earned 45% more and Easter 33% more.
The Australian Open is where January went: 8 of 21 nights sold, at A$155 on the nights it did sell.
⚑ STL-12 Melbourne Cup Carnival earned only 16% more despite selling 7 of 8 nights, and the October racing weekends earned A$97, below the rest of year rate.
Swanston. The Grand Prix earned A$681 against a rest of year rate of A$174, close to four times. Christmas and New Year earned 76% more and it sold 17 of 21 Australian Open nights at A$244.
The October racing weekends are the weak spot, 2 of 6 nights at A$140, below the rest of year rate.
The twelve months October 2026 to September 2027, shown in calendar order January to December, so January to September are 2027 dates and October to December are 2026. 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. Annual event dates shift year to year, so each carries its year. 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 2027, 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$103.23 | A$174.29 |
| 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$539.25 × 0.7 | A$681.22 × 0.7 |
| Event with no trading record, including the one-off concerts: baseline × 1.3 | A$134.20 | A$226.58 |
| Minimum: no floor sits below the baseline | A$100 | A$170 |
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 2027 | 3,394 | A$150 | 8,469 | A$240 |
| February | Reassess following summer demand, monitor booking pace | — | 3,192 | — | 4,188 | — |
| March | Event and demand led pricing | Labour Day and Moomba6–9 Mar 2027 | 2,946 | A$130 | 2,610 | A$220 |
| Comedy Festival opens24 Mar 2027 | A$130 | A$220 | ||||
| Easter26–29 Mar 2027 | A$130 | A$170 | ||||
| April | Monitor autumn softening and booking pace without reducing too early | Australian Grand Prix2–4 Apr 2027 | 5,376 | A$370 | 5,182 | A$470 |
| Comedy Festivalto 18 Apr 2027 | A$130 | A$220 | ||||
| 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 2027 | 2,047 | A$130 | 1,557 | A$220 |
| 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 2027 | 3,969 | A$130 | 4,855 | A$220 |
| October | Increase around major events and school holiday demand | Post MaloneMarvel Stadium, 9 Oct 2026 | 2,278 | A$130 | 2,073 | A$220 |
| Caulfield Cup17 Oct 2026 | A$100 | A$170 | ||||
| Cox Plate24 Oct 2026 | A$100 | A$170 | ||||
| November | Strong event pricing around the Melbourne Cup Carnival and major concerts | Melbourne Cup Carnival31 Oct–7 Nov 2026 | 4,049 | A$110 | 7,058 | A$180 |
| Robbie WilliamsMarvel Stadium, 11 Nov 2026 | A$130 | A$220 | ||||
| Foo FightersMarvel Stadium, 14 Nov 2026 | A$130 | A$220 | ||||
| Harry StylesMarvel Stadium, 27–28 Nov 2026 | A$130 | A$220 | ||||
| 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$130 | A$220 | ||||
| Christmas and New Year24 Dec 2026–2 Jan 2027 | A$140 | A$300 | ||||
| Boxing Day Testfrom 26 Dec 2026 | A$140 | A$300 | ||||
| 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 on both properties, at exactly 15.0% of income at Coventry and 15.4% at Swanston. The rates differ, which AirKeeper has never explained. Commission makes up most of the charges on both, 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 includes a A$1,631.15 payout for a cancelled booking. Commission of A$244.67 was charged on it at the same 15.0%, shown among the expenses rather than in the fee column, which is why the commission here exceeds the fee subtotal on the annual statement. 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 | 2026-09-28 |
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 | 2026-09-28 |
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 | 2026-09-28 |
Raised 2026-07-14
| Action | Owner | Due |
|---|---|---|
| Provide the inspection findings for each property, the recommended updates in priority order, and estimated costs. | AirKeeper | 2026-09-28 |
Raised 2026-07-14
| Action | Owner | Due |
|---|---|---|
| Review the monthly targets and the revised event rate floors and advise whether they are feasible. | AirKeeper | 2026-09-28 |
Raised 2026-08-19 · Closed 2026-09-21
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.