WASHINGTON – 12 October 2023 – Melbourne’s hotel industry reported a decline in revenue per available room (RevPAR) for just the second time this year, according to September 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
September 2023 (year-over-year % change):
- Occupancy: 65.4% (+1.4%)
- Average daily rate (ADR): AUD212.47 (-4.5%)
- Revenue per available room (RevPAR): AUD138.85 (-3.2%)
Even with occupancy growth, Melbourne ADR fell by more than 4.0% for the second time in three months. The market’s only other month this year with a RevPAR decline was April (1-3%), also due to lower room rates. Melbourne’s demand (+7.3%) is exceeding supply growth (+5.7%) and is enough to create contraction in room rates.
When looking at daily data, the market’s highest occupancy levels were seen on Saturday, 30 September (94.8%), the night of the AFL Grand Final 2023, closely followed by Friday 29 September (81.1%). Melbourne’s daily occupancy levels remained above the 50% mark throughout the month apart from two days.
Looking forward, occupancy on the books of 53% shows October occupancy tracking on par to the same time last year.
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 78,000 properties and 10.3 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Karolina Capova
Media Relations Executive – STR
media@str.com
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract nearly 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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