Inside the private club where Aussies swap homes with strangers

Luxury home swapping has become big business, with one exclusive club adding 500 new Australian members in just the past year.

Global home exchange club, ThirdHome, is booming as more Aussies trade their holiday homes for more luxurious experiences, with the club now boasting a portfolio of more than 20,000 properties in 100 countries around the world.

It recently opened a Gold Coast office to service its growing member base and support the expanding market for prestige second homes.

Main Ridge House in the Mornington Peninsula is part of the ThirdHome house swapping club. Image supplied.

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“Australia and New Zealand is a great market for what we’re doing,” US founder Wade Shealy said, speaking on the sidelines of the Australasian Real Estate Conference (AREC) on the Gold Coast. “We’ve added about 500 new members in the past year (in Australia).

“It needs to be a desirable location, and here on the Gold Coast is a very desirable area for our members to go to.”

Mr Shealy, whose wife Debbi Fields is the self-made billionaire founder of Mrs Fields Bakeries, said he was planning to open an office in Asia next to allow more members to travel between Australia and Asia rather than just the United States and Europe.

ThirdHome founder Wade Shealy with his wife, Debbi Fields.

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Launched in 2010, ThirdHome allows home owners to trade their unused time in their second home to gain access to other members’ yachts, villas, estates or castles.

Members are able to travel rent-free, with the club using a travel credits system. Members pay a nominal exchange fee, ranging from $700 to $2000 a week.

The club’s newest Australian members include a couple in Sydney’s Northern Beaches, the owner of a Japanese ski chalet, and a couple who recently listed three international properties and are now travelling the world almost cost-free.

This house in Whale Beach, in Sydney’s northern beaches, is part of the ThirdHome house swapping club. Image supplied.

Homes in the club’s Australian portfolio are scattered from Bondi Beach, Byron Bay, Melbourne, Gold Coast hinterland, and Sunshine Coast, and range from $1.5m, up to $100m.

“We look for the location, and we also look at the property and make sure it’s in great condition, the interiors are up-to-date and desirable,” Mr Shealy said.

“The hosts are typically people who live in Australia, for example in Sydney, and have a house on the beach on the Sunshine Coast. They love to travel, they’re very adventurous and they’re trusting, because they’re willing to give their house to another club member.”

Mr Shealy said only half of ThirdHome’s properties were used for short-term rental accommodation, with many members preferring to only open their homes to club members.

This house in Victoria is part of the ThirdHome house swapping club. Image supplied.

“Typically, a short term rental can only be utilised for 25 weeks a year, so leaving it sitting empty for the rest of the time just doesn’t make sense,” he said.

“People are so mobile now, they want to go different places. ThirdHome is a way they can justify buying a second home.

“I think people are thinking more about how to use their home to enhance their life rather than for short-term rental. Sure, it generates some revenue and helps pay some of the bills, but it doesn’t add to the quality of their lives.”

During the conference, Mr Shealy was gifting more than 1000 agents attending AREC a luxury holiday at one of ThirdHome’s global properties — with only the booking fee to be covered.

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