The average hotel in Australia is selling for $3,000 a night, according to a report by real estate agency, The Home Builders Association.
The annual report found that the average rate of return for a hotel room in Australia in 2018 was $2,900.
But when it comes to the return on investment, the average return was a whopping $6,800.
The report said that many hotels are now selling at the high end of the market, but that many of the hotels that are still affordable are getting cheaper.
The average hotel room can cost up to $4,800 in Australia, according the report.
“The average cost of a room in 2018 in Sydney was $3.8 million, but the average price in Melbourne was $5.2 million,” the report said.
“Across the country, the median cost of the room in Sydney is $3 million, and the median price in Sydney for the next two years is $6.4 million.”
However, the Sydney area has some of the highest average prices in the country with the average room in the CBD at $6 million.
“The report also found that more than half of all hotels surveyed were currently owned by one family.”
The number of hotels being owned by just one family has risen from 13 in 2015 to 31 in 2018,” it said.
The Home Builder’s Association said it was also aware of the affordability issue in the industry.”
It’s always important to keep in mind that while it’s possible for a small number of families to own a hotel, it’s also possible for those families to be a huge beneficiary of the low cost of accommodation,” the association said.
The report’s co-author, Theresa McBride, said many families were moving to Sydney to make ends meet.”
We know there’s a lot of people who have just been priced out of Sydney because of the cost of living and also because of other factors,” she said.
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