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According to preliminary data from CoStar, a number of events, including multiple concerts by Olivia Rodrigo and Coldplay, lifted Melbourne hotel performances in October.
October 2024 (year-over-year % change):
Melbourne posted its highest ADR (AUD276.56) and RevPAR (AUD236.88) the night before Olivia Rodrigo’s third concert on Saturday, 12 October. The Melbourne Marathon, which took place the following day, also helped.
The market’s highest daily occupancy levels were 86.8% and 88.9% on Tuesday and Wednesday, 22-23 October, respectively. Those were the second and third days of Melbourne Fashion Week. Melbourne’s daily occupancy levels remained above 60% on all but two nights.
Coldplay shows pushed occupancy and RevPAR to 83.5% and AUD216.60, respectively, on Wednesday, 30 October, and ADR to AUD259.92 on Thursday, 31 October.
CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. For more information about the company and its products and services, please visit www.costargroup.com.
