A number of events, including multiple concerts by Olivia Rodrigo and Coldplay, lifted Melbourne hotel performance in October, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.

October 2024 (year-over-year % change):

  • Occupancy: 75.3% (+4.5%)
  • Average daily rate (ADR): AUD221.36 (+4.2%)
  • Revenue per available room (RevPAR): AUD166.61 (+8.9%)

Melbourne posted its highest ADR (AUD276.56) and RevPAR (AUD236.88) on the night before Olivia Rodrigo’s third concert on Saturday, 12 October. That level was also helped by the Melbourne Marathon taking place the following day.

The market’s highest daily occupancy levels were seen on Tuesday and Wednesday, 22-23 October, at 86.8% and 88.9%, respectively. Those were the second and third days of Melbourne Fashion Week. Overall, Melbourne’s daily occupancy levels remained above the 60% mark on all but two nights.

Coldplay shows pushed occupancy and RevPAR to 83.5% and AUD216.60, respectively, on Wednesday, 30 October as well as ADR to AUD259.92 on Thursday, 31 October. For more information about the company and its products and services, please visit www.costargroup.com.