Lease on life: Limited housing supply has supported rising property prices, boosting revenue
The Real Estate Services industry is experiencing beneficial operating conditions. Rising property prices are supporting revenue, as a real estate agent's income is calculated as a share of a property's sale price. Population growth and limited housing supply have supported residential housing prices. COVID-19 exacerbated housing price increases, and disruptions and fluctuating business confidence during the pandemic limited demand from the commercial property sector. Overall, revenue has grown at an annualised 1.1% to an expected $5.4 billion over the five years to 2022-23.
Real estate agencies are mainly engaged in valuing, purchasing, selling, managing or renting real estate on others’ behalf.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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