REAL ESTATE
The tourism industry was hit hard by Covid-19 lockdowns but is now recovering strongly. In particular, spending on domestic tourism is above pre-pandemic levels. And international tourism is also starting to bounce back.
This is good news for investors in the tourism accommodation sector.
In the three months to December 2022, spending by domestic overnight tourists increased by 34%, to $27.5 billion, compared with the same period in 2019, according to Tourism Research Australia. Of this, $7.7 billion was spent on accommodation, up 49% from the 2019 December quarter.
International tourism is taking longer to recover, with total spending in the December 2022 quarter of $12.7 billion, 41% of the amount spent in the December 2019 quarter. But it’s now gathering pace and Tourism Research Australia predicts spending by international visitors will pass
