2022-11-14 GC Agenda - Item 4 - Attachment 2 - Appendix 13 to Attachment 1

NOOSA SHORT STAY ACCOMMODATION ECONOMIC & SOCIAL ASSESSMENT


LONG-TERM TENANCY DWELLING ASSUMPTIONS
The following assumptions were used in estimating the annual economic contribution from a long-term tenancy
dwelling across the four dwelling types examined.

Table C. 2. Assumptions Used for Long-term Tenancy Dwellings
 Indicator                                                  1 Bed                 2 Bed                  3 Bed                4 Bed
 Occupancy                                            Note: AEC assumptions
 Weeks Available                                              52                     52                    52                   52
 Weeks Occupied                                               50                     50                    50                   50
 Occupancy Rate                                              96%                   96%                   96%                   96%
 Revenue                                              Note: based on median weekly rents data – YE Sep 2022
 Average Weekly Rent ($)                                     $385                  $575                  $725                  $850
 Annual Revenue ($)                                        $19,250               $28,750               $36,250               $42,500
 Owner Costs
 Property Management Fee                              Note: based on desktop research of rental management fees
   % of Revenue                                               6%                    6%                    6%                    6%
   $                                                        $1,155                $1,725                $2,175                $2,550
 Maintenance                                          Note: based on desktop research of rental maintenance costs
   % of Revenue                                             25.0%                 25.0%                 25.0%                 25.0%
   $                                                        $4,813                $7,188                $9,063               $10,625
 Other Incidental Costs                               Note: AEC assumption
   % of Revenue                                               5%                    5%                    5%                    5%
   $                                                         $963                 $1,438                $1,813                $2,125
 Total Owner Costs
   $                                                        $6,930               $10,350               $13,050               $15,300
 Household Incomes                                    Note: based on 2021 Census (a)
 Average Weekly Household Income ($)                         $794                 $1,282                $1,600                $2,072
 Average Weekly Household Income ($)                       $39,706               $64,101               $79,981              $103,584
 Household Spend                                      Note: based on household expenditure survey (b)
 Annual household spend ($)                                $20,421               $32,967               $41,134               $53,273
 Leakage outside Noosa                                       25%                   25%                   25%                   25%
 Spend in Noosa ($)                                        $15,316               $24,725               $30,851               $39,955
Notes: (a) This is based on a cross tab of household income by number of beds for rental properties in Noosa. (b) The estimates used the
Brisbane region as a proxy for Noosa spend profiles, applied to average household incomes for each property type. Some expenditure items
were excluded on the basis they are already captured in the above owner revenue (rents) and costs.
Sources: ABS (2017b), ABS (2022b), QGSO (2022), AEC.




                                                                                                                                           41