Hotels in Sydney's performance declined in December 2018.
According to preliminary data from STR, Sydney hotels reported year-over-year supply had increased by 3 percent, and demand increased by just 1.5 percent. Due to the growing supply, occupancy rates declined by 1.4 percent to 81 percent. The average daily rate also dipped by 1.1 percent to AUD$245.93, as did RevPAR which decreased 2.5 percent.
While the supply is outpacing demand, the occupancy level was the fourth highest in the Sydney market since 2000.