Whilst Cairns has been the strongest performer in recent years, Darwin and the Gold Coast have taken over as the best performers over the last 12 months.
Hotel operators in Darwin have deployed a strategy of cutting room rates substantially in order to get guests through the door, and for all intents and purposes, this plan has been a success. In terms of annual growth in revenue per available room (RevPAR), Darwin is the best performing market over the last 12 months, a remarkable turnaround for a market that has struggled since 2014 due to a severe economic downturn.
It wasn’t particularly surprising when the Commonwealth Games held in the Gold Coast lifted RevPAR by 49% in April 2018 compared to the previous year. However, what has been surprising is that this momentum has continued with both May and June recording substantial increases across KPI’s. After a turbulent 2017 this shows that the Gold Coast is back on track and shining once again.