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 the early part 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 compared with other accommodation options. These factors make serviced apartments attractive to many guests. As a result, industry revenue is expected to increase by an annualised 6.0% over the five years through 2016-17, to $3.2 billion. This includes forecast 4.0%... purchase to read more
Industry Report - Industry Locations Chapter
The spread of serviced apartment operators has generally followed Australia's population distribution and tourism patterns. As a result, serviced apartments are largely concentrated in business hubs and holiday destinations which consequently houses a high concentration of population. New South Wales, Victoria and Queensland are Australia's busiest business locations and have the highest concentrations of serviced apartments, collectively accounting for more than 75% of establishment locations.
Queensland has a substantial number of industry establishments due to its status as a major holiday destination, which attracts a higher number of leisure travellers... purchase to read more