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Australian room rates to soar

According to local market analysts, hotel room rates could increase by up to 45 per cent in major Australian markets during the next three years as the industry enters a golden period of prosperity characterised by high demand and low supply. Yet analysts say the imminent revenue bonanza -- sparked by occupancy rates regularly topping 80 per cent -- may not be enough to trigger the next hotel development cycle. That is because construction costs are rising just as quickly, thanks to high land prices and increasingly expensive materials, setting the scene for a remarkable era of stability in a historically volatile industry. During the March quarter, average room rates rose strongly for the third consecutive quarter.Perth increased 16 per cent to $127, Canberra 12.8 per cent to $129, Brisbane 9.8 per cent to $137 and Sydney 8 percent to $182.

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