- a 0.8% increase in occupancy to 91.0%;
- a 7.6% increase in average daily rate to AUD234.86;
- an 8.5% increase in revenue per available room to AUD213.77; and
- increases in supply (+2.1%) and demand (+2.9%).
The 91.0% absolute occupancy level would be the highest for any November in Sydney since1995. Demand growth in the market outpaced supply growth in each of the first 11 months of 2015, and hoteliers have capitalized on the pricing power.
STR Global analysts also credit a strong events calendar throughout the month for the high occupancy levels and rate growth. Included on that calendar were AC/DC (4 November) and Taylor Swift (28 November) concerts as well as the Emirates Australian Open golf event (27-30 November).
Note: Beginning in October 2015, STR Global’s preliminary press release lineup alternated the markets of Sydney and Melbourne.