Property Operators and Real Estate Services Industry Report

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1 Property Operators and Real Estate Services Industry Report

2 Property Operators and Real Estate Services Industry Report Industry Division Rental, Hiring and Real Estate Services Industry Division Industry Subdivision Property Operators and Real Estate Services Industry Groups Property Operators Real Estate Services The ANZSIC is a hierarchical classification with four levels, namely Divisions (the broadest level), Subdivisions, Groups and Classes (the finest level). At the Divisional level, the main purpose is to provide a limited number of categories which provide a broad overall picture of the economy and are suitable for the publication of summary tables in official statistics. The Subdivision, Group and Class levels provide increasingly detailed dissections of these categories for the compilation of more specific and detailed statistics. Data referenced in report All data referenced in this report has been updated with the latest available figures when prepared as at October Data sources used include: ABS: Counts of Australian Businesses, including Entries and Exits, Jun 2010 to Jun 2014 released 02/03/2015 ABS: Australian Industry, released on 29/06/15 ABS: Labour Force, Australia, Detailed, Quarterly, Aug 2015 released on 17/09/15 ABS: Building Activity, Australia, Mar 2015 released on 15/07/15 ABS: Lending Finance, Australia, Jul 2015 released on 11/09/2015 RBA Interest rates and yields money market, September 2015 released on 01/10/2015 IBISWorld Reports: M6932 Property Operators and Real Estate Services (June 2015)

3 Property Operators and Real Estate Services Industry Overview This industry consists of businesses which provide real estate services such as the selling, renting and/or purchasing and management of real estate for others, and real estate appraisal. The performance of the Property Operators and Real Estate Services industry is linked to economic, financial and population trends, with factors such as interest rates and population growth influencing the growth of demand. As such, the health of the economy has a considerable impact on the industry. In it had revenue of $106.8 billion. Its contribution to the economy has strengthened over the past decade due to an overall strong property market. As of the year ending August 2015, the industry employed 166,050 Australians. Geographically the industry group is closely aligned to the Australian population, with the largest number of employees and businesses based in NSW, closely followed by Victoria. Queensland has fallen to third place in terms of Property Operators and Real Estate Services employment. Industry Revenue ( ) $106.8 billion Average business profit margin 40% Number Property Operators and Real Estate Services Workers (August, 2015) 166,050 Increase in industry employment since % Number of Residential Property Operators Businesses (June 2014) 55,403 Five year median house price increase in Sydney (since 2010) 51.7% Residential Property Operators and Real Estate Services Employment within the industry has risen steadily since , growing by 15.7% over the period. This indicates that the industry is gradually recovering from the effects of the economic downturn. Property Operators and Real Estate Services employs 166,050 Australians, or roughly 1.4% of the total workforce. This represents a growth of 1.8% in employment in the past 12 months. The industry division s total income has climbed steadily since , when it plummeted following the global financial crisis. Profit margins for the industry are generally higher than the all-industry average. In , it was 29.1 percentage points higher than the all industry average, a significant improvement from when it was just 3.2% higher. This is despite costs for Real Estate Services businesses rising by more than 50% since 2005, outpacing inflation.

4 Producer Price Index Real Estate and Non-Residential Property Services ( ) Real estate services Non-residential Property Property Operators and Real Estate Services Total Income $ Billion Property Operators and Real Estate Services Profit Margin 50.0% 40.0% 30.0% 20.0% 10.0% Property operators and real estate services All industry 0.0% Please note All Industry includes all industries with the exception of Insurance and Financial Services

5 What s driving the industry? Residential housing loan rates Falling RBA cash rates are putting downward pressure on mortgage rates, thereby reducing borrowing costs for consumers and investors. The average variable loan rate has fallen to 5.45% in July 2015 (for owner-occupiers), below the previous GFC low of 5.85%. Clampdown on property investors Growth in new mortgages has slowed in recent months due to a clamp down on property investors. For instance, the standard variable loan rate for an owner-occupier is 5.45%, whilst the same loan for an investor amounts to 5.70%. Real household disposable income Disposable incomes determine the level of mortgage and rental repayments that can be made, and can affect decisions about the size, location and type of property rented or purchased. Higher disposable incomes provide opportunities for industry growth. Real wages are still growing, but growth is slowing down and is currently at its lowest point in 10 years. Residential property yields Residential property yields refer to rental income and capital gains made from properties. With potential homebuyers less likely to acquire their own home due to poor housing affordability and economic uncertainty, rental markets have experienced more demand. A construction boom has also increased supply and growth in rents has declined to an all-decade low. Capital Cities, Median House Value, 2010 vs 2015 $ ACT Sydney Darwin Brisbane Adelaide Hobart Melbourne Perth Wage-Price Index Year-on-Year Growth ( ) 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%

6 Standard Variable Home Loan Rate, Major Banks, Owner-Occupier ( ) 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.0% Source: RBA Industry Performance Sydney median house prices have risen by 51.7% in the five years since June 2010, rising to $895,000 by June Melbourne comes in second with a 32.2% increase, followed by Darwin (15.8%), Perth (13.4%) and Canberra (12.2%). The Property Operators and Real Estate Services industry currently employs 166,050 workers, representing a growth of 1.8% in the past 12 months. Employment has steadily grown from 128,700 in August 2005 to 166,050 in August However, growth has flattened out in early By state, the largest proportion of the workforce is in NSW, where 57,500 employees are based. This is followed by Victoria, Queensland and Western Australia. Queensland dropped to third place as its Property Operators and Real Estate Services workforce declined from 38,700 in 2014 to 35,500 in 2015, indicating a possible slowdown in certain Queensland real estate markets. While most workers are based in the major states of NSW and Victoria, Western Australia has recorded significant growth since 2009, with employment numbers increasing by 28.3%. However, the end of the commodity boom might limit sales and service growth in Western Australia and therefore demand for property operators and real estate services professionals. Rents Percentage Change from Corresponding Quarter of Previous Year ( ) 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%

7 Number of Workers Property Operators and Real Estate Services (2014 vs. 2015, by State, 000) Workers NSW VIC QLD SA WA TAS NT ACT Number of Workers Property Operators and Real Estate Services ( ) Workers Property Operators and Real Estate Services Businesses in Operation (State, Number of Employees) Operating at the end of FY Non Employing 1-19 Employees Employees 200+ Employees Total no. no. no. no. no. New South Wales 32,324 21,679 13,623 1,846 69,472 Victoria 26,506 15,221 9,343 1,219 52,289 Queensland 17,787 12,771 9,406 1,043 41,007 South Australia 6,884 4,411 2, ,265 Western Australia 8,577 6,209 4, ,187 Tasmania 1, ,185 Northern Territory ,510 Australian Capital Territory ,411 Total 95,286 62,483 41,275 5, ,373

8 Industry Outlook Despite having 9.9% of all businesses in the industry, Western Australia has 12.9% of all businesses that have a turnover of $2 million or more. The property operations market is expected to continue its growth in the five years through due to forecast growth in disposable incomes and rising consumer confidence. Employment is also expected to rise at an annual growth rate of 2.2% over that period. Volatility is expected to continue in the market due to further regulation of the mortgage market due to ASIC, RBA and Treasury concerns about the booming Sydney and Melbourne residential property markets. Residential Property Operators Industry Actual and Projected Revenue (2010/11 to 2020/21) 50 $ Billion Source: IBISWorld Actual Projected Property Operators and Real Estate Services Businesses in Operation (State, Turnover) Zero to less than $50k Operating at the end of FY $50k to less than $200k $200k to less than $2m $2m or more Total no. no. no. no. no. New South Wales 19,937 28,332 18,757 2,446 69,472 Victoria 16,843 20,640 13,170 1,636 52,289 Queensland 10,989 16,155 12,546 1,317 41,007 South Australia 4,312 5,963 3, ,265 Western Australia 5,535 7,661 6, ,187 Tasmania 1,093 1, ,185 Northern Territory ,510 Australian Capital Territory ,411 Total 59,636 81,545 56,297 6, ,373 Based in part on Bankwest Economic Updates, Australian Bureau of Statistics data used pursuant to the Creative Commons Attribution 2.5 Australia license (available online at: and the following IBISWorld Report: BISWorld Industry Report L6711 Residential Property Operators in Australia (August 2015). π µ bankwest.com.au/business The information contained in this publication is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN AFSL/Australian credit licence , its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication. BWA PO

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