Based on daily data from December, Melbourne reported:
- increases in supply (+0.5%) and demand (+6.8%);
- a 6.3% increase in occupancy to 82.4%;
- a 3.3% increase in average daily rate to AUD186.36; and
- a 9.9% increase in revenue per available room to AUD153.62.
Supply remained stable in Melbourne in December, and the market’s strong demand was driven primarily by mid-month events, including concerts by Taylor Swift and Elton John. The former resulted in two additional dates due to strong public demand.
Later in the month, New Year’s Eve festivities prompted hoteliers to capitalize on strong occupancy levels by setting effective rates.