Australia’s Hotel Construction Boom – VIC leads the way
Posted on 08 May 2019
The rate of inner-city, residential apartment construction has been slowing, but the hotel sector is singing a different tune entirely. The rate of hotel construction is rising rapidly, with 5 percent of Australia’s total hotel stock currently waiting to be built. This translates to 53,000 rooms under construction, or awaiting construction, across the country. A huge concentration of these new developments are situated in Victoria, with 8,100 hotel rooms to be added to the Melbourne CBD and surrounding suburbs over the next four years.
The push for accommodation in Melbourne is driven by strong increases in visitor numbers. A demotion to the second-best city in the world doesn’t seem to have slowed the tourist traffic in the thriving city, which is continually credited to the world-class sporting events that the city hosts, including the Australian Open in January and the recent Formula 1 Grand Prix.