- Market trends
- Industry trends
- Trends across the country
- Salary trends
- Industry snapshot: Real Estate & Property
New job ads on SEEK have grown nationally by 8.3% in June compared to this time last year.
While this figure is positive, it’s significantly lower than the national average for the preceding year at 13.9%, marking the first month of non-double-digit year-on-year growth since May 2017.
Although job ad growth appears to be slowing, SEEK Managing Director ANZ, Kendra Banks says there are still positive signs for the markets.
“The job ad market remains strong,” Banks says. “Average monthly job ads are still 29% above 2010.”
The Mining, Resources & Energy industry continues to post positive results despite the national job ad market cooling this month. The industry took the top spot for the 11th consecutive month for annual job ad growth with a 32% year-on-year increase compared to June 2017.
This was followed by Community Services & Development, which saw an increase of 18% on the previous year.
Call Centre & Customer Service, Advertising, Arts & Media, Design & Architecture, Real Estate & Property all recorded a decline in jobs ads compared to the same time last year.
Banking & Financial Services, which was the poorest performing industry this month, with job ads declining 16% since the previous year.
Year-on-year job ad growth was experienced across every state and territory in Australia in June, with Tasmania leading the pack for the third consecutive month with 20% growth compared to June 2017.
Despite the year-on-year growth, all states and territories except the ACT (up 9.9%) and Queensland (up 1.8%) experienced a month-to-month decline in job ads, with the whole of Australia recording a 0.9% decline since May 2018.
There were only three regions below the national average of seasonally adjusted year-on-year growth in May: the ACT (7.2%), Northern Territory (4.4%), and New South Wales (4.2%).
The following map outlines the job ad growth experienced across every region compared to 12 months ago:
Year-on-year salary growth was recorded across all but one industry in June, with Insurance & Superannuation posting a 2% decline, with the average annual salary dropping to $85,496.
All states in Australia saw a percentage increase in salaries, with Western Australian salaries growing by 9% year-on-year, followed by 5% growth in Queensland. This could be attributed to yet another year of the Mining, Resources & Energy job ad boom where the majority of the nation’s industry is located, and a 16% average salary increase from $106,271 in June 2017 to $123,430 in June 2018.
Notable salary growth was also experienced in Education & Training (8% year-on-year), Science & Technology (7%), and Farming, Animals & Conservation (6%).
Job ads in Real Estate & Property have been trending down since September 2017, reflecting the cooling of the market, with a 13% decline in total job ads in the industry from June 2017 to June 2018.
Despite this overall decline, SEEK’s job ad data shows that two regional areas are bucking the trend with job ads for Residential Sales roles posting strong year-on-year growth in New South Wales (up 5%) and Victoria (up a staggering 22%).
Banks says, “It’s really interesting to see that it’s the smaller towns and cities rather than the metro cities leading the increase in Residential Sales roles. There are number of underlying factors at play for this upward trajectory which are driving buyers to look further afield for homes.
“This sentiment is supported by data from CoreLogic showing that regional Victoria recorded the highest rate of capital gain over the June quarter, with Geelong and Ballarat regularly topping the list for regions with the strongest growth. The expansion of viable transport infrastructure to these areas have helped make regional living a lot more appealing, coupled with greater housing affordability.”