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Serviced Apartments in Australia: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Serviced Apartments Market Research Report | ANZSIC H4404 | Feb 2016

In service: Demand for serviced apartments has risen as consumers seek lower prices

The Serviced Apartments market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 11-16
5.8%
Annual Growth 16-21
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Profit
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Employment
17,651
Businesses
694
Industry Analysis & Industry Trends

The Serviced Apartments industry has grown strongly over the past five years. The industry has steadily drawn market share away from other operators in the Accommodation subdivision such as hotels and motels, which have struggled with fluctuating levels of domestic travel, a high Australian dollar over much of the period and global economic uncertainty. The industry's strong growth is due to the generally low prices charged by providers, and serviced apartments' greater offerings of in-room facilities and privacy compared with other accommodation. These factors make serviced apartments more attractive to guests. As a result, in the five years through 2015-16, industry revenue is expected to increase by an annualised 5.8% to $3.0 billion, with 5.6% growth anticipated in the current year... purchase to read more

Industry Report - Industry Analysis Chapter

Over the past five years, the Serviced Apartments industry has grown strongly. Demand was boosted as leisure and business travellers recognised the benefits of serviced apartments compared with hotels, as they offer more space, the ability to self-cater and comparatively lower prices. On the supply side, investors, managers and franchisors have targeted serviced apartments as a growing market. Industry development was aided by favourable strata schemes and the relatively low development costs of serviced apartment complexes compared with traditional hotels. As a result, industry establishment numbers have increased over the past five years, which has also caused a rise in industry employment... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Serviced Apartments Industry?

The Serviced Apartments industry comprises establishments that operate self-contained apartments for short-term (one to six nights), medium-term (seven nights to one month) and long-term (longer than one month) stays. Serviced apartments contain a kitchen or kitchenette and usually have separate lounge or dining facilities. Serviced apartments are generally cheaper than equivalent hotel rooms due to fewer complex facilities and fewer daily services provided.

Industry Products
Food and beverageOther star-rated accommodationFour-star accommodation
 
Industry Activities
Operating self-contained apartments Operating serviced apartments


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