In September 2024, Brisbane’s hotel industry experienced remarkable growth, achieving record highs in average daily rate (ADR) and revenue per available room (RevPAR). According to preliminary data from CoStar, a prominent provider of real estate analytics, the city’s hotel performance was notably boosted by several high-profile events.
Year-over-year comparisons for September 2024 revealed an occupancy rate of 78.5%, reflecting a 3.3% increase. The average daily rate rose to AUD 236.64, marking a 1.7% growth, while RevPAR climbed to AUD 185.82, an impressive increase of 5.0%. Key events contributing to this success included the Brisbane Festival, the Brisbane Lions’ elimination AFL final, and various happenings at the Convention Centre, which collectively attracted significant crowds.
A standout moment occurred on Saturday, September 7, when the hotel market hit its peak for the month with an ADR of AUD 288.01 and a RevPAR of AUD 251.70. This surge was largely fueled by fans of the Carlton Blues who were in town for the AFL final, coinciding with the ongoing Brisbane Festival. On that night, the occupancy rate soared to 87.4%, making it the second-highest daily occupancy recorded for September.
The highest occupancy rate for the month was observed on Wednesday, September 18, which reached 87.9%. This surge coincided with the Brisbane Festival and the second day of the National Bus & Coach Show, demonstrating how overlapping events can significantly impact hotel performance. Throughout the month, occupancy levels consistently remained above 70%, with only a few exceptions.
Looking ahead, preliminary data up to October 9 indicates a promising trend, with occupancy rates already 4 percentage points higher than the same period last year, which stood at 64%. This trend suggests that Brisbane’s hotel industry is likely to continue its upward trajectory into October, fueled by ongoing events and tourism activities in the region.