The luxury holiday rental that costs $210,000 a week

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Demand for luxury holiday rentals in Sydney is at record highs this summer, as wealthy visitors spend up to $210,000 a week to stay in palatial digs with water views.

Contemporary Hotels chief executive Matthew Fleming said that, “aside from the odd night here and there”, the homes in his company’s portfolio were fully booked until the end of the season.

The Residence is a penthouse in the heart of the CBD that costs $75,000 a night.

“We have been operating for 20 years and this is our best year on record,” Fleming said.

“We have seen more $100,000-plus bookings this summer than any other year.”

Contemporary Hotels’ priciest option, The Residence, is a CBD penthouse with sweeping harbour views, a rooftop pool and a team of staff including a full-time chef and a chauffeur.

The Residence is Contemporary Hotels’ priciest option. The penthouse comes with a team of staff including a full-time chef and a chauffeur.

It rents for $75,000 a night, although those who stay for seven nights or more qualify for a weekly rate of $210,000.

Newly listed this summer is Bronte Haven, a four-storey home with infinity pool and panoramic ocean vistas, for $60,000 a week. It was fully booked for the season within a week of listing, Fleming said.

Bronte Haven, which has panoramic ocean vistas, will set you back $60,000 a week.

Also fully booked is Clovelly Beachfront, which boasts a mosaic-tiled pool and state-of-the-art gym and costs $40,000 a week.

Clovelly Beachfront, with its state-of-the-art gym, costs $40,000 a week.

Fleming said his clientele was largely immune to economic turbulence.

“It has been a challenging year for many, but for the very wealthy the global economy is still quite healthy.”

Clovelly Beachfront also has a mosaic-tiled pool.

He said the weak Australian dollar was providing an incentive for international visitors to linger.

“We’ve seen an uptick in clients booking longer stays – up to six weeks.”

One client has booked the property Aurora – an ultra-modern five-bedroom home in Bellevue Hill with a pool, gym and large grounds – for six weeks at $25,000 a week.

Alexandra Ormerod, founder of luxury-rental service Luxico, said demand for properties in her company’s portfolio was “well above last year’s levels”.

“More than 70 per cent of our summer guests are coming from overseas, particularly from the US, UK and Singapore, as well as Australian expats returning home.”

Aurora is an ultra-modern five-bedroom home in Bellevue Hill.

Ormerod said her clients were spending $52,400, on average, to book a Luxico pad.

Properties include Kambala, a grand retreat in Rose Bay offering harbour views, multiple entertaining terraces and a large pool for $30,000 a week.

Kambala in Rose Bay offers harbour views and costs $30,000 a week.

A Mosman home, set back from Chinamans Beach, with lush gardens and an infinity pool overlooking the harbour, costs $35,000 a week.

A home in Mosman set back from Chinamans Beach costs $35,000 a week.

Luxico maintains a “behind lock and key” portfolio of properties reserved for VIP clients and not advertised online, the most expensive of which is a $25,000-a-night Point Piper mansion.

Like Contemporary Hotels, Luxico has accepted more long-stay bookings this year.

“Many of our clients are taking advantage of the new normal of remote working and are extending their visits to Sydney,” Ormerod said.

The Mosman home is maintained by Luxico. Some of the luxury-rental service’s clients are extending their Sydney stays.

There has also been an increase in multigenerational travel.

“We’re hosting more extended families, with grandparents, parents and children all holidaying together in groups of five to 10 people,” Ormerod said.

“Larger homes with multiple living zones and outdoor spaces are the most sought-after.”

Alexandra Ormerod, founder of Luxico, says larger homes with multiple living zones are sought-after.

Stayz travel expert Sarah King said holidaymakers from across Australia were choosing Sydney as the destination of choice for reconnecting privately with family and friends.

“Families and groups from across Australia are booking high-end Sydney homes where privacy is paramount,” King said.

“Large standalone homes with ocean or harbour views are the priority, with swimming pools being non-negotiable.”

Trending locations on Stayz include Mosman, Manly and Palm Beach.

Golden Mile Luxe is an expansive six-bedroom home in Mosman.

“Millers Point saw a 56 per cent year-on-year increase in searches, no doubt due to its prime vantage points for the New Year’s Eve fireworks,” King added.

Top options on Stayz include Golden Mile Luxe, an expansive six-bedroom Mosman home with direct access to the golden sands of Balmoral Beach, for $11,550 a night.

Golden Mile Luxe offers direct access to the golden sands of Balmoral Beach for $11,550 a night.

The five-bedroom Swell, at Palm Beach, boasts an absolute-beachfront location and outdoor gym for $3427 a night.

For boating enthusiasts, the five-bedroom Lotus at Palm Beach offers widescreen views of Pittwater, within a stone’s throw of moorages. The home rents for $4377 a night.

Both Fleming and Ormerod said clients were making special requests for wellness amenities this summer.

“One client asked for a particular brand of spa to be installed on site for the duration of their stay,” said Fleming.

“Another requested a specific infrared sauna be delivered and set up.”

Sustainability is also a priority.

“Not greenwashing,” says Ormerod. “Guests want real sustainability options. In particular, EV chargers are a key search priority for urban homes.”

Overall, the trend has been towards nesting, with clients preferring to rent properties that offer an all-inclusive holiday experience, rather than using their holiday home as a launch pad for day trips.