Salaries for real-estate and property professionals in Australia are rising faster compared with those of other workers across the general economy, the latest data shows.
Published by remuneration consultancy Avdiev Group, the Avdiev Property Industry Remuneration Report shows that overall remuneration increases throughout the real-estate sector increased by 2.5 percent over the year to February.
This outstripped both the 2.2 percent average wage increase across the economy and the 1.8 percent rise in the cost of living as implied by ABS data on the Wage Price Index and Consumer Price Index respectively.
Real-estate agents and advisors led the way pulling in average rises of 3.4 percent.
Assistant contract administrators and assistant project managers also fared well (refer chart).
According to the report, remuneration increases have been supported by resurgent house prices and solid performance in commercial property.\
The report also found that young professionals continue to outpace their senior colleagues in terms of pay increases.
The latest report comes as the sector braces for COVID-19.
Declaring that 2020 will be the ‘Year of the Virus’, Avdiev Group Managing Direct Rita Avdiev said forward strategies will need to be reconsidered.
Nevertheless, she says real-estate professionals are resilient in the face of challenge.
“2020 will be the Year of the Virus”, Avdiev said.
“The whole world is in uncharted territory. A global pandemic has just been declared and relief measures are being introduced and modified daily to keep up with the rapid spread of the disease.
“All strategies developed in the last six months will need to be modified now to deal with the challenging conditions, but property people are resilient and used to rapid and drastic changes in conditions.
“This may be an opportunity for the seniors to step up and help the youngest team members through a steep learning curve and some nail biting moments along the conditions, is only the beginning, the excitement of change is ahead.”