Short term or long term
Short Term Accommodation
Lightning Ridge as a tourist destination is well known. And it can only get better. Current accommodation options in the Ridge include Caravan Parks, motels and a few AirBnbs.
Tourists don’t necessarily just want accommodation. They seek out experiences. Can you imagine a better experience than staying at the Castle?
The current owners are experienced AirBnB operators with Superhost Status for over 5 years. Prince Peter actually teaches others how to set up, operate and market AirBnbs. He has been in the accommodation industry for over 15 years.
He got in touch with one of his contacts at AirBnb and told them about the Castle. They were extremely excited and even wanted to run a special feature about this listing. At that stage though, Peter thought the Castle was not quite ready for a full blown promotion. It was good enough to test the market though.
A listing was put on AirBnb but was only made available on dates that suited them. You can view the listing here: www.airbnb.com.au/rooms/26531678. (Not currently bookable) The tariff was a modest $150 per night for two persons plus a cleaning fee of $30 per stay. This really is way underpriced but once again, it was an experiment.
Straight away it was a success with 5 guest visits. Each time the Ridge Castle was made available, it quickly booked out. You can read guest reviews on the above link. (Note renovations have been undertaken in the Ridge Castle since this listing so it is even better!)
At the time of writing, (July 2020) there were 12 AirBnb listings ranging from a tent to a house in town. As an example, it you wanted to stay in a 3 bedroom house with 4 people, the tariff was $270 per night. To stay in a tent for two was $113 per night.
Based on these examples, let’s imagine you let out the now renovated Ridge Castle at a still very low price of $180 per night.
Now let’s just work on 8 months or 30 weeks. (We are excluding the hotter months here). Out of each week, even if you only book out 5 nights each week, that means a total possible income of $27,000.
Just think about it. A tourist goes to Lightning Ridge. They can stay in a small park cabin. A room in town, A motel room. Or one of the most unique overnight experiences in Outback NSW. I’ll leave it to your imagination as to just how much you can really charge!
Possible AirBnb Earnings
- Based on 5 nights per week
- Only for 8 months of the year
- Comparatively low nightly fee of $180
Knights Quarters full time rental
- Based on a weekly rental of $250 per week
Long Term Accommodation
Lets imagine you now rent out the Knights Quarters full time. Ideally, a couple who could also act as caretakers for the Castle. They could earn a small income or reduced rent for Castle cleaning and maintenance.
However, lets just focus on your income possibilities.
At a $250 rental rate per week, the Knights Quarters could return $13,000 per year.