Airbnb average prices for the upcoming Supercars weekend are cheaper than previous years, but are expected to rise with last minute bookings for the March 10-12 event.
The average nightly rate in Newcastle for the Saturday of the Newcastle 500 was $415 as of last week, according to short-term rental analytics provider AirDNA. The vacancy rate was 72 per cent from 426 listings.
This was significantly higher than the two weeks leading up to the event, with February 25 recording an average rate of $293 and March 4 at $288.
A search of Booking.com shows 99 per cent of places are unavailable in Newcastle for Saturday, March 11 and 87 per cent for a Friday to Sunday booking.
The Airbnb rate for the Saturday is slightly down on previous Supercars events, which were held in November instead of March.
On the Saturday of the 2018 event, the average rate paid was $432 and occupancy ended up at 84 per cent on more than 700 listings.
In 2019, the Saturday average was $439 and 77 per cent occupancy on 760 listings.
AirDNA said it was difficult to compare the different events fully, with more bookings expected to be made before the event. However a spokesperson said the pandemic had changed owners' behaviours.
"Available listings in Newcastle dropped off during the pandemic as the borders closed and demand dried up, and it seems that many properties have still not returned to the market, having perhaps sold up, or converted to primary residences," the spokesperson said.
Newcastle Tourism Industry Group chairperson Kent Warren agreed that last minute bookings were likely to be made for the weekend, and said there were even some good deals compared to previous Supercars events.
"We're expecting it to be a busy weekend, but there are still rooms available," he said.
"The last couple of years, the bookings were booked early but this year it seems to be a bit of a shorter distance in terms of booking to stay. That's probably an outcome of COVID. But we're not concerned about the weekend, we're really excited about it."
Mr Warren said the weekend would be "vibrant" across the city, with the race, concerts on Friday and Saturday and bars and restaurants open for business.
"We'll hope to see some repeat guests coming out of it," he said.
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