Industry Analysis & Industry Trends
The Serviced Apartments industry has been the strongest performer in the traveller accommodation market over the past decade. Other accommodation providers, including hotels, resorts and motels, have struggled in the wake of declining domestic tourism, a high Australian dollar and global economic uncertainty. However, the serviced apartments industry has gained market share and grown revenue in all but one of the past ten years. In the five years through 2012-13, IBISWorld expects revenue will increase by an annualised 1.0% to $2.83 billion.
While the serviced apartment industry is strongly placed in the broader traveller accommodation sector, in 2012-13, the industry continues to battle against a strong Australian dollar and cheap international airfares... purchase to read more
Industry Report - Industry Locations Chapter
The rapid development of serviced apartments has not followed Australia's population distribution. Rather, serviced apartment numbers are heavily weighted towards business hubs and holiday destinations. Sydney, Melbourne and Brisbane are Australia's busiest business locations and have the highest concentrations of serviced apartments. Approximately 35% of serviced apartment guests are business travellers, however this percentage is much greater in city locations. On the other hand, serviced apartments in regional holiday destinations such as Gold Coast, Sunshine Coast and Northern New South Wales, attract a high number of leisure travellers.
Serviced apartment locations have also been driven by investors' expectations of demand... purchase to read more