Preliminary data from STR shows the hotel supply in Sydney has continued to outpace demand.
Compared to May 2018, year-over-year Sydney has seen its supply grow by 1.8 percent while its demand has only grown by 0.5 percent.
Additionally, this is the seventh month in a row where Sydney’s average daily rate has declined, going down -3.2 percent (now $207.72 AUD).
STR’s analysts suggested the low demand is at fault for this.
Sydney’s RevPAR situation was very similar, dropping a significant -4.4 percent (now $169.23 AUD) year-over-year.