Appendix A - Economic Impact Assessment.pdf

                                               Noosa Springs Luxury Hotel Economic Impact Assessment
                                                                                         Final Report

4.        Noosa Accommodation Market
4.1 Current Accommodation Provision
A comprehensive audit was completed of current short-stay, visitor accommodation in Noosa. This
audit was carried out through some visual inspection as well as a detailed investigation using online
accommodation sites such as TripAdvisor, Hotels.com and Bookings.com. This assessment also
included some review of traveller comments as well as current imagery of the accommodation
provided. Additionally, in order to capture the private rental market, data from Airdna was used to
identify the number of listings with Airbnb and Stayz. This method captures all trading short-stay,
visitor properties as it is highly unlikely that if a property is trading that it is not visible across these
platforms.
The results of the supply audit are highlighted in the following tables and shows numerous features
and characteristics of the current supply of short-stay visitor accommodation in Noosa, including:
     •   Noosa is a relatively large accommodation market (relative to the small population) with 158
         short-stay accommodation properties providing 3,821 rooms
     •   The market is epitomised by relatively small properties (i.e. 20-30 rooms) that are older (i.e.
         20-30 years old) and are actual residential apartments (i.e. units with full kitchens) that are
         provided for short-stay visitor accommodation
     •   The majority of the market is unbranded (i.e. not associated with a major national or
         international chain) and likely managed by an onsite manager, often consisting of a married
         couple who may be semi-retired or close to retirement age
     •   The market is dominated by serviced apartment style accommodation, with the majority
         being residential apartments that are let out to the short-stay visitor market
     •   There is only one, full-service hotel in the market (i.e. Sofitel Noosa Pacific Resort), which
         trades at a premium to other properties, demonstrating the market’s demand for this type
         of product
     •   The Sofitel Noosa Pacific Resort and Makepeace Island (Sir Richard Branson’s Australian
         residence) are the only true 5-star accommodation in the region, making up just 5% of the
         total market
     •   The majority of the market (i.e. 54%) is of relatively low quality, between 3 and 3.5 stars
     •   Airbnb has demonstrated a strong penetration rate into the Noosa market, with an average
         annual active listings of 1,355 properties (1,285 homes and 69 private rooms)
A full listing of the accommodation audit is provided in Appendix A.
Table 4.1 Noosa Accommodation Supply Overview
                                      Total
 Properties (No.)                       158
 Rooms (No.)                          3,821
 Average Star Rating                     3.7
 Average Number of Rooms per Property    24
Source: Lucid Economics




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