Industry Profile

ABS Labour force data shows that at August 2007, 95,400 people were employed in the real estate sector, of whom 17,900 worked part-time. By State and Territory, people working in real estate numbered: New South Wales 35,300; Queensland 24,000; Victoria 17,800; Western Australia 10,400; South Australia 5,800; Tasmania 1,300; Australian Capital Territory 600; Northern Territory 200

Separate 'count of business' data shows that at June 2007, there were 36,198 people working as non-employing agents, with their own Australian Business Number (ABN). There were 14,835 real estate agencies which employ people.

Total income from all sources to real estate agents in the year to June 2005 was $18,612 million with an operating profit before tax of $3,279 million.

The most recent Australian Bureau of Statistics (ABS) survey of Australian Real Estate Services was conducted in 2002-03 and the results are summarised below. Business activities covered in the survey included valuing, purchasing, selling by auction and private treaty, and managing or renting real estate for others.

In 2002-03 the industry generated total income of $7,524.7 million and industry value added of $4,784.1 million.

Those working in franchised agencies comprised 53% while those in non-franchised agencies comprised 47% of all estate agents.

Females comprised 45%, and males comprised 55% of employed real estate agents in June 2003.

Total number of dwelling sales per year 2002/03 to 2006/07 varied between 468,000 and 556,000, valued between $162 billion in 2002/03 and $209 billion in 2006/07
 - In 2006/07, there were 467,737 dwelling sales, valued at $209.3 billion.

In recent years, about 60% of buyers were 'change-over' buyers and about 30% were first homebuyers. In terms of home loans, about 17-19% of all dwelling finance goes to first homebuyers.

Total residential land sales per year from 2002/03 to 2006/07 varied between 78,000 and 97,000 and was valued at between $12 billion and $21 billion.
  - In 2006/07, the number of total residential land sales was 78,188, and amounted to a total value of $20.6 billion.

Total commercial property transactions have shown an upward trend from $13.1 billion in 1995 to $33.1 billion in 2006.

According to the ABS, in 2006/07 the sum of construction industry, property and business services and ownership of dwellings contributed 16.1% of total industry value added (current prices) to GDP.
Individually in 2006/07:
 - Ownership of dwellings contributed 3.8% industry value added to GDP
 - Property and business services contributed 5.2% industry value added to GDP.
 - Construction contributed 7.1% industry value added to GDP.

In the March quarter 2008, median house prices in capital cities were:
 - Sydney $554,000;
 - Perth $460,000;
 - Canberra $445,000;
 - Melbourne $432,500;
 - Darwin $420,000;
 - Brisbane $416,500;
 - Adelaide $362,050; and
 - Hobart $335,000.
The quarterly Australian weighted average median house price (all capital cities) was $458,488.

In 2006/07, 770,206 home mortgages were issued for the construction of dwellings and the purchase of new and established homes.

In 2006/07, the annual value of home loans for the purchase of new and established dwellings was $173.7 billion.

In 2006/07, 4.4% of home loans issued were for the purchase of new homes, 7.1% went toward the construction of new dwellings and 88.5% were for the purchase of established homes.

In the March quarter 2008,
 - An average home loan in Australia was $246,647;
 - An average monthly loan repayment was $2,070;
 - 38.0% of family income was needed to repay the monthly mortgage;
 - 24.7% of family income was needed to repay monthly rent; and
 - The average standard variable interest rates were 8.76% and average three year fixed interest rates were 8.87%

In 2002-03, the Australian Bureau of Statistics conducted a survey of the Australian Real Estate Services sector. Click here ( 39KB .doc File ) for a summary of the ABS findings relating to a range of business indicators, including employment, income and expenditure.

Last updated on 11 June 2008.