The report from CBRE Research puts average occupancy at 67 per cent and the average daily room rate at $221 while revenue per available room averaged $148.
“Despite economic headwinds, year on year demand is holding firm,” the report read.
“Most markets continue to post occupancy gains, with Perth, Sydney and Brisbane leading ADR [average daily rate] growth and reaching new RevPar highs. Melbourne, Adelaide and Hobart have recorded rate softening.”
The report highlights the return of international visitors, pointing to the year-on-year growth of Australia’s top 10 source markets, but also flagging that international visitor arrivals have not yet fully recovered. To the end of May 2024, they sit at roughly 85 per cent of pre-pandemic levels.
And while Chinese visitor arrivals were up 270 per cent YoY at 800,000, this is still 45 per cent below pre-pandemic arrivals from China.
Australia’s largest source market, New Zealand, grew 32 per cent for the year to 1.37 million visitors, while the USA, Canada and the UK grew 30 per cent, 22 per cent and eight per cent respectively.
CBRE notes other source markets experiencing “strong growth” are Vietnam, Nepal, Cambodia, Columbia and Ireland, which were “significantly outpacing their arrival numbers in 2019”.
