RevPar is on the road to recovery with occupancies on the rise and ADR outperforming 2019 across all capital cities. Chart 13 shows 4 capital cities revpar well above 2019 with Brisbane the most pronounced at 30%+ of 2019, and lagging behind is Melbourne and Sydney at around 10% below 2019 levels. We forecast 2023 Sydney revpar to surpass 2019 levels, with Melbourne slightly more at risk due to highest incoming supply of short term accommodation versus other capital cities.
In terms of revpar dollar value (chart 14), Hobart and Sydney spot the highest room efficiencies with revpar around $160.
Similar to ADR, for revpar trend FY22 (chart 20), we see the largest increase across the hotels and resorts class and serviced apartments class, as well as the biggest revpar growth within the upper mid to luxury classes.
All Research and Charts by Charles Man. Please ask for permission if re-use. All raw data sourced from STA, STR, corelogic and inidividual states' official tourism statistics website.
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