In Australia, the real estate business is booming. According to recent studies, the industry has been growing steadily for the past few years and is expected to continue doing so in the foreseeable future. There are a number of reasons for this growth, chief among them being the country’s strong economy and population growth.
Here are twenty facts about the real estate business in Australia that will give you a better understanding of this rapidly expanding sector.
1. The real estate industry is a massive contributor to the Australian economy, making up around 7% of the GDP. The industry is worth an estimated $600 billion. Australia has over 1 million real estate professionals or property manager for investment property, making it one of the country’s largest employers.
2. In terms of employment, the real estate industry employs around 1 million Australians.
3. Australia’s average real estate agent earns around $75,000 annually. Over the past five years, the number of people employed in the real estate industry has increased by 20%.
4. There are around 9,000 real estate agencies in Australia.
5. The Australian capital city with the highest median house price is Sydney, at $1.17 million.
Melbourne is home to Australia’s most expensive apartment market, with a median price of $825,000. Brisbane has seen the biggest increase in real estate prices of any Australian capital city over the past five years, with a staggering 40% growth rate.
6. The top 5 real estate agents in Australia earn a combined total of over $50 million per year.
7. The most expensive property ever sold in Australia was a waterfront mansion in Sydney’s Point Piper for over $70 million. The most expensive suburb in Australia is Toorak in Melbourne, where the median house price is $4.36 million.
8. The average price of a home in Australia is now over $600,000. In the 12 months to September 2016, there was over $176 billion worth of real estate transactions in Australia.
9. Over 60% of all homes sold in Australia are bought by investors rather than owner-occupiers.
10. Melbourne is currently Australia’s most active market for property investment. The cheapest suburb in Australia is Collingwood in Melbourne, where the median house price is $340,000.
11. The Australian property market has been growing at a rate of around 10% per annum for the past decade.
12. In recent years, there has been an increasing trend towards apartment living, with more than 50% of all new housing developments now being apartments or townhouses.
13. Sydney and Melbourne are by far the most expensive cities in Australia to buy property, with median prices well over $1 million dollars.
14. Regional areas like Hobart and Cairns are experiencing rapidly growing property markets as more and more people move away from the big cities in search of a lower cost of living.
15. The Australian property market is notoriously cyclical, and has seen several periods of boom and bust over the past few decades.
16. Property investment is becoming an increasingly popular choice for retirees who want to secure their financial future without having to rely on pensions or social security payments.
17. One major advantage of investing in Australian property is that it is considered a “safe haven” investment, meaning that it is less likely to be impacted by global economic factors than other asset classes such as stocks or bonds.
18. Recent changes to Australian taxation laws have made investing in property even more attractive, with investors now able to claim depreciation on their properties and negative gearing losses against their income tax liabilities.
19. The Australian real estate market is one of the world’s most transparent and efficient markets, making it easy for both local and foreign investors to buy and sell the property.
20. Despite being a relatively small country, Australia has a diverse range of property types and prices, meaning that there is an investment option to suit every budget and preference. Whether you’re looking for a beachside apartment, a city centre penthouse, or a rural retreat, you’ll be able to find it in Australia.
The Australian real estate market is a thriving and ever-changing industry, with something to offer investors and home buyers of all budgets and preferences. Over the past five years, prices have increased by an average of 20%, making it one of the country’s most lucrative investment opportunities. Whether you’re looking for a city centre penthouse or a rural retreat, you’ll be able to find it in Australia.
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