STR releases preliminary April 2016 data for Melbourne
STR's preliminary April 2016 data for Melbourne, Australia, indicates growth across the key performance metrics.Based on daily data from April, Melbourne reported the following in year-over-year comparisons:
LONDON -- STR's preliminary April 2016 data for Melbourne, Australia, indicates growth across the key performance metrics.
Based on daily data from April, Melbourne reported the following in year-over-year comparisons:
- increases in supply (+2.0%) and demand (+6.0%);
- a 3.9% increase in occupancy to 83.4%;
- a 1.9% increase in average daily rate (ADR) to AUD177.50; and
- a 5.9% increase in revenue per available room (RevPAR) to AUD148.02.
According to STR analysts, Melbourne's performance was largely driven by a shift in corporate business demand due to Easter falling in March this year. The market's RevPAR decreased 2.0% on weekends compared with April 2015, but increased 5.3% on weekdays due to a 4.0% rise in occupancy.
STR will release April 2016 results during the week of 23 May. The May edition of STR's Market Forecast will be available at the end of the month.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
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