Despite a COVID-induced economic downturn, real estate remained resilient, ultimately emerging as one of the most in-demand jobs markets in Australia amid the pandemic.
>LinkedIn’s Jobs on the Rise
report has revealed a growing demand for real estate professionals as the COVID-instigated jobs transformation encouraged people to move away from big cities in search of affordable housing.
As a result, according to LinkedIn’s latest report, currently the top in-demand jobs are mortgage brokers, real estate specialists, new home sales specialists and real estate agents.
Moreover, the top in-demand skills are mortgage lending, new home sales, residential real estate, investment properties and real estate transactions.
Across states, these skills are most in demand in the big cities, including Sydney
and PerthPerth, TAS Perth, WA
The growing attractiveness of the property industry is no surprise given the predicted property boom, with all signs pointing to an extraordinarily strong year.
Figures released by the Australian Bureau of Statistics earlier this month revealed a surge in loan commitments for investor housing, with a 6 per cent monthly increase and 3.9 per cent yearly growth in November.
Overall, the ABS reported a record-high total value of new loan commitments for housing, with an extraordinary yearly growth of 23.7 per cent, with owner-occupier home loan commitments leading the upward charge with a 31.4 per cent rise compared with November 2019.
According to Propertyology’s head of research, Simon Pressley, home loan activity is a leading indicator for the market.
“More home loans means more properties being purchased. More buyers equals more competition and upward pressure in asset values,” he said.
“This is occurring at a time when Australia’s population growth has taken a significant dip and the national unemployment rate is close to 2 per cent higher than a year ago,” Mr Pressley said.
“There’s no question that international border restrictions and things like JobKeeper caused unstable concern for some Australians. But, from a property market perspective, these are two tiny pieces of a very large jigsaw puzzle.”
Right now, he said, “the full picture is 95 per cent blue sky with a couple of small white clouds”.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.