Based on daily data from September, Sydney reported the following in year-over-year comparisons:
- increases in supply (+4.4%) and demand (+5.0%);
- a 0.6% increase in occupancy to 86.0%;
- a 6.2% increase in average daily rate (ADR) to AUD206.60; and
- a 6.8% increase in revenue per available room (RevPAR) to AUD177.60.
Last September’s 85.7% occupancy level was the highest for a September in Sydney dating back to 1995—the first year in STR’s historical database for the market. In addition, the AUD206.60 absolute ADR level for September 2016 would be the highest for a September in Sydney outside of the 2000 Summer Olympics (AUD313.99).
STR analysts note that the month’s performance was especially strong considering the market’s supply growth.
STR will release actual September 2016 results later this month. The August edition of STR’s Market Forecast is now available.