STR’s preliminary June 2017 data for Melbourne has shown a slight dip in occupancy, but an increase in rates.
Based on daily data from June, Melbourne reported the following in year-over-year comparisons:
-Supply: +4.2%
-Demand: +3.5%
-Occupancy: -0.7% to 78.3%
-Average daily rate (ADR): +2.7% to AUD176.10; and
-Revenue per available room (RevPAR): +2.0% to AUD$137.88
STR analysts attributed the occupancy decline to substantial supply growth, however demand performance remained healthy in the market.
On Friday, 9 June, Melbourne hosted an international friendly soccer match between Brazil and Argentina, resulting in significant occupancy growth (+9.5%) and a double-digit rise in ADR (+29.9%) compared with the same day last year.
STR will release actual June 2017 results later this month.