Macroeconomic and Tourism Context Australia’s economy is forecasted to grow in 2023-24, with the unemployment rate expected to moderate to 4.1% and a population increase of 400,000. The tourism sector is showing a strong recovery, particularly in international visitor arrivals, which have surpassed expectations since the reopening of borders in December 2021. Despite challenges such as inflation and a volatile geopolitical environment, domestic and international tourism are poised for steady growth. 

Key Trends in Australian Hotel Markets RevPAR (Revenue per Available Room) performance shows significant year-over-year growth across major markets. Notably, Sydney experienced a 110.6% increase, Melbourne saw an 88.9% rise, and Perth reported a 78% increase. These gains indicate a robust recovery in the hotel sector, driven by increasing demand and occupancy rates. 

Regional Outlooks:

Sydney: The hotel market is set for moderate growth, supported by stable household and government spending. The room supply is projected to increase at a compound annual growth rate (CAAGR) of 3.0% from 2022 to 2027. 

Melbourne: With a CAAGR of 3.4%, Melbourne’s hotel market is expected to see substantial additions to room supply. The market is characterized by a high proportion of upscale and upper upscale properties. 

Brisbane: Brisbane’s hotel market anticipates a CAAGR of 2.9%. The city is expected to benefit from significant developments in midscale and upper midscale segments. 

Perth: The Perth market is projected to grow at a CAAGR of 2.4%, with strong performances in the upscale and upper upscale categories. 

Adelaide: Adelaide is set to experience the highest growth rate among the regions, with a CAAGR of 4.5%. The market is dominated by upscale and upper upscale properties. 

Canberra: Canberra’s hotel market is expected to grow at a CAAGR of 2%, with a significant focus on serviced apartments. 

Hobart: Hobart’s market anticipates a CAAGR of 2.9%, with growth driven primarily by upscale and upper upscale hotels. 

Gold Coast: The Gold Coast expects a CAAGR of 1.8%, with a large proportion of luxury hotel developments. 

Sunshine Coast: The Sunshine Coast is projected to grow at a CAAGR of 1.5%, with a significant focus on upscale and upper upscale properties.

Newcastle: Newcastle’s hotel market anticipates a CAAGR of 2.7%, with growth primarily in the upscale and upper upscale segments. 

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