Recruitment market update: Real Estate sector in Australia.
The end of the COVID-19 pandemic has injected renewed momentum into the real estate sector across Australia, though to varying degrees. With the property markets set to regain some strength, the recruitment landscape is also evolving to adapt to emerging challenges.
Read on to discover the current state of the real estate market in Australia and the trends and factors shaping the recruitment process.
Australia: Stabilising market and recruitment
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Mixed picture
Home prices in Australia have risen for two months, indicating stabilisation. However, some areas are still experiencing price declines. The International Monetary Fund (IMF) ranked?Australia as the second-highest country for “housing market risk” out of 27 countries, owing to high outstanding housing debt to income. The value of Australia’s housing market?fell by 5% across capital cities in 2022, with Sydney dropping by 10.9%, Melbourne down by 5.9%, Canberra falling by 6%, and Brisbane seeing a 1.1% decrease.
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Jobs market
Despite the mixed market trends, the demand for skilled professionals in Australia’s real estate sector remains strong — indeed, there’s a shortage. Companies are seeking property managers, leasing agents, asset managers, marketers, and administrators in Australia who can navigate the complex market dynamics and contribute to their growth. Notably, real estate is forecast to be one of the industries in Australia and New Zealand most affected by digital disruption. Some 82% of real estate jobs are at risk of digital disruption by 2032, versus 44% of Australian jobs generally, according to?PricewaterhouseCoopers.
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Real Estate Sector Recruitment Trends
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Competitive salaries, benefits
Because of the mixed picture and rapidly evolving situation in the real estate sector across Australia, talent acquisition professionals are faced with new hiring challenges, such as finding candidates with sufficient digital skills. Meanwhile, businesses are adopting innovative recruitment strategies to attract and retain the best talent, focusing on career growth opportunities, flexible work arrangements, and competitive compensation packages.
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Digitalising the recruitment process
The recruitment process in Australia’s real estate sector is changing fast, with businesses increasingly turning to digital platforms and automated tools. Virtual recruiting, AI-powered screening, and assessment tools are becoming increasingly popular as they enable businesses to streamline their hiring processes and efficiently match candidates with roles, thereby boosting productivity.
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Making the hybrid model?work
The hybrid work model is gaining traction in Australia’s real estate sector, and companies are looking for professionals who can adapt to this type of work environment. The model also widens the pool of candidates, as it removes barriers for groups such as single parents and those with mobility issues.
As the real estate markets in Australia adapt to the post-pandemic landscape, the recruitment landscape is also evolving quickly. With an increasing focus on digital platforms, automation, and flexible work arrangements, the real estate sector offers varied opportunities for job seekers and employers alike.
Now is the time to explore new opportunities and take advantage of the current market trends. Whether you are a project manager, leasing agent, property manager, engineer,?asset manager, marketer, or?administrator, there’s ample opportunity for career growth and success in the dynamic?real estate sector across Australia and Asia. Get in touch today to find out more.
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