In an Accommodating the Growth in New Students report, CBRE highlights that an incremental 8,000 PBSA rooms will be delivered across Australia over 2023-2026 – representing a 7% uplift.
While boutique hotels have traditionally achieved lower occupancies, room rates and revenues than their larger, international rivals the tables have turned according to new CBRE Viewpoint, which highlights a significant shift in domestic travel demand.
The World Travel & Tourism Council (WTTC) has revealed positive signs of recovery for the Australian Travel & Tourism sector with major cities welcoming travellers once again.
Inbound travel to the Sunshine Coast had recovered beyond pre-COVID levels, with the Sunshine Coast the second most popular destination in the country for city-dwellers migrating to regional centres, behind the Gold Coast.
Accor calls for investment in events to fast-track tourism revival
The Australian business outlook forecasts growth in 2022- 23. The unemployment rate is expected to moderate to an average of 3.8%, population to expand by 276,000 people, almost double the increase in 2021-22 and more than 290,000 people to join the labour force in 2022-23.
Lifted by the upcoming holiday season, occupancy on the books is rising in Australia’s key hotel markets with Brisbane and Adelaide nearing 70% for New Year’s Eve, according to STR’s Forward STAR.
Australia had been one of the highest-performing countries in 2021 until lockdowns in Sydney and Melbourne pulled national occupancy down to as low as 25.9% on 8 August 2021. With those lockdowns lifted, the country reached as high as 51.1% occupancy on 30 October (Saturday).
Australian accommodation declines for the 2020-21 financial year were worse for capital markets than regional areas, according to STR’s collection of national accommodation statistics through the Australian Accommodation Monitor.
Amid increased COVID-19 cases and lockdowns across the country, Australia’s hotel industry reported lower performance levels, according to preliminary August 2021 data from STR.