Coventry & Swanston Short-term Letting

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.

Price did not move much while that happened. May's achieved rate fell 9% as occupancy fell 41 points, and June's rose from A$100 to A$155 as occupancy fell to 11.5%, with 23 of 26 available nights unsold and the apartment compliant and freshly serviced. June rests on a single three night booking, so read it as two thin months rather than as a pricing decision.

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$243 a night in December and A$226 in January, then falling away from April. One seasonal cycle, so no prior year to compare against.

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$32,772, 60% of the A$54,259 target, on 52.5% occupancy at A$186.21 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$133 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.

November opens at the right rate. One booking so far, four nights from 26 November at A$322, taken on 17 September and covering the Harry Styles dates. That is the highest rate outside the Grand Prix and it supports the event floors, but it is A$1,287 against a A$7,058 target, so the month is almost entirely unsold.

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$125 to A$139 a night against A$181 across the rest of the year, leaving out the Grand Prix month. One stay of 20 nights or more, 11% of nights.

⚑ 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. The most recent reply was in August 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.

Coventry: the rate does decay toward arrival, but only once season is taken out. Across all bookings the correlation is +0.13, close to nothing. That headline is misleading, because Coventry's cheap winter months happen to take its longest lead bookings, which flattens it. Comparing bookings within the same month, so season cannot do the work, gives +0.44. Earlier bookings pay more and the rate falls as dates approach.

Swanston: the opposite, and its headline is misleading in the other direction. The raw +0.58 looks like the stronger relationship of the two, but almost all of it is season and events. Strip those out and compare within the month and it falls to +0.27; restrict to midweek arrivals as well and it is −0.01. There is no lead time structure left.

Coventry holds up. The relationship survives every control at +0.25 to +0.30, and the supporting signs are there: achieved rates spread widely inside single months, A$93 to A$177 in December 2025 and A$78 to A$137 in April 2026, and short stays arriving Friday or Saturday earn A$149 against A$125 midweek. Something is moving this calendar.

Swanston does not. Its lead time relationship disappears under the same controls, and its weekend premium runs backwards: short stays arriving Friday or Saturday earn A$154 against A$191 midweek. Two listings on one contract with one agent should not behave this differently.

Coventry: longer stays earn less, a rank correlation of −0.38. Stays under 20 nights run at a median of A$113, falling to between A$50 and A$114 beyond 20 nights, with six of the eight long stays below A$102. 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.

Two caveats on the strength of that. Booking 8182, the longest stay on the chart at 86 nights, is plotted at A$50 because its A$10,608 of long term rent is undated and sits outside the booking record; its actual earnings were A$173.60 a night, above that month's average. Booking 13192 is the cancellation payout on the same nights rather than a separate let. Correcting the first and removing the second takes the correlation to −0.23 and the long stay median to A$100.

What is left is a season problem, not a length problem. From May to August, long stays at Coventry earn A$100 against A$89 for short ones, so length costs nothing in the quiet months. Across the rest of the year they earn A$92 against A$123, a quarter less. The discount is roughly 14% and it appears only above 28 nights, which is where a platform monthly discount sits. So the rate is not being varied by season when a long booking comes in, it is being accepted at the same flat number whichever month it lands in. That is what emptied January to April.

Swanston: no long stay problem, a rank correlation of −0.09, with one stay of 21 nights at A$135. It has no stay over 28 nights at all, and its 7 to 27 night stays earn A$183 against A$146 for its short ones, so there is no exposure here to manage.

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.

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.

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.

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.