Standalone and mixed-use accommodation projects across the length and breadth of Australia have been valued at a collective $66.9 billion in terms of investment value for the 2018-19 financial year, according to new data from Tourism Research Australia.
According to the government agency’s annual Tourism Investment Monitor report, which collates and totals the level of investment being put into accommodation projects across both capital city and regional areas.
It must be noted that the total figure for all accommodation also includes residential projects as part of its mixed-use tally. Broken down separately, this figure equates to $55.8 billion for mixed-use projects and $11.1 billion for standalone hotel accommodation developments in the national pipeline.
Of the standalone accommodation tally, this figure comprises 152 projects amounting to 25,620 rooms. Divided further, capital cities’ unsurprisingly hold the dominant share with $8.7 billion in investment across 106 projects and 19,720 rooms, while regional developments have been tallied at $2.3 billion across 46 projects and 5,900 rooms.
New South Wales and Victoria were the two states leading the way in the number of projects, together making up 113 projects at a value of $25.3 billion. However, the two states were polar opposites when looking at what stage these projects were up to, with NSW having more than half of these under construction, while more than half in Victoria were still in the proposal phase.
The report showed a significant focus was being put into regional Australia in response to “robust consumer demand” witnessed in 2018-19. Three areas in particular – Sunshine Coast, Newcastle and Geelong – were singled out for double-digit growth in visitors. Investors were responding, with each seeing an influx of tourism-related projects underway including Sekisui House in Coolum, QT Newcastle and the Geelong Performing Arts Centre.
“Tourism expenditure and demand creates positive flow-through effects for regional businesses and economies in helping them to grow and increase employment,” said Austrade Senior Investment Specialist, Emma McDonald.
Growing the tourism infrastructure investment pipeline is therefore crucial to the ongoing success of the long-term development of the tourism sector.”
CLICK HERE to read the 17-page report in full.