STR’s preliminary February 2017 data for Melbourne, Australia, indicates significant occupancy levels.
Based on daily data from February, Melbourne reported the following in year-over-year comparisons:
- Supply: +2.8%
- Demand: +2.2%
- Occupancy: -0.6% to 88.1%
- Average daily rate (ADR): -5.4% to AUD191.63
- Revenue per available room (RevPAR): -5.9% to AUD168.89
Despite the slight decline, the absolute occupancy figure would be near the highest for a February on record in the market. STR analysts note that level as impressive considering significant supply growth, which also placed pressure on ADR.
STR will release actual February 2017 results later this month. The February edition of STR’s Market Forecast is now available.