Regional Real Estate & Property jobs outperforming capital cities
- SEEK job ads up 8.3 per cent in June compared to this time last year
- Mining, Resources & Energy takes top spot for annual job ads growth for 11th consecutive month
- Real Estate & Property sales jobs increasing in regional areas in VIC and NSW
New job ads nationally have grown by 8.3 per cent in June compared to this time last year, according to the latest data from SEEK. Mining, Resources and Energy again recorded the largest growth in job ads for the month with a 32 per cent year-on-year (YoY) increase compared to June 2017. This is the 11th consecutive month that the sector has taken the top spot for annual job ads growth.
While yearly national job ad figures remain positive at 8.3 per cent, this is significantly lower than the national average for the preceding year at 13.9 per cent, marking the first month of non-double-digit YoY growth since May 2017.
Kendra Banks, Managing Director ANZ, SEEK, said: “Although job ad growth appears to be slowing, the job market remains strong. Average monthly job ads are still 29 per cent above 2010.”
Industries that saw a decline in jobs ads compared to June 2017 include: Advertising, Arts and Media, falling by 8 per cent YoY, Design & Architecture which fell 10 per cent YoY, Real Estate & Property which fell 13 per cent YoY and Banking and Financial Services, which was the worst performing sector with job ads declining 16 per cent YoY.
Figure 1. SEEK job ad YoY growth, June 2018 vs June 2017
INDUSTRY FOCUS: REAL ESTATE
SEEK data shows a two-speed employment market across Real Estate & Property. Headline figures show a 13 per cent YoY decline in total job ads, but these masks growing employment opportunities in regional New South Wales and Victoria.
Job ads in Real Estate and Property have been trending down since September 2017, reflecting the cooling of the market. The roles that have been hit the hardest are across sales.
- Real Estate & Property new job opportunities fell YoY by;
- 10 per cent in New South Wales
- 11 per cent in Victoria
- 22 per cent in Western Australia
- 24 per cent in Queensland
Commenting on the employment opportunities in real-estate sales Kendra Banks said, "The fall in new home dwelling sales across the major cities has directly impacted the demand for residential property sales roles, which makes up one fifth of all job ads in the Real Estate & Property sector - the balance comprising from Property Management, Residential Leasing and Administration roles”.
Figure 2. Job ads for Residential Sales roles softening across top four housing markets
Property Sales roles have declined across all states, with the greatest drop seen in Western Australia, down 29 per cent year on year, and 48 per cent since 2012.
GOING INTO THE COUNTRY: REGIONAL RACES AHEAD
Despite this overall decline, SEEK’s job ad data shows that regional areas in Victoria and New South Wales are bucking the trend with job ads for Residential Sales roles posting strong YoY growth.
Figure 3. Regional NSW and VIC reporting higher SEEK job ad growth for Residential Sales roles
Kendra comments: “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 growth1. The expansion of viable transport infrastructure to these areas have helped make regional living a lot more appealing, coupled with greater housing affordability,” said Banks.
- New South Wales regional Real-Estate jobs up 5 per cent YoY to June 2018
- Victoria regional Real-Estate jobs up a staggering 22 per cent YoY to June 2018
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MEDIA NOTE: When reporting SEEK data, you must attribute SEEK as the source.
1 CoreLogic Hedonic Home Value Index
About SEEK (ASX:SEK)
SEEK’s purpose is to help people live more fulfilling and productive working lives and help organisations succeed. SEEK makes a positive contribution to people’s lives on a global scale.
SEEK is the global leader in the creation and operation of online employment markets. Globally SEEK has relationships with over 800,000 hirers and 180 million candidates.
SEEK makes a positive contribution to people’s lives through connecting more people to relevant job opportunities using its marketplace scale and technology to build radically more efficient and effective employment marketplaces.
SEEK is listed on the Australian Securities Exchange, and has been listed in the Top 20 Most Innovative Companies Globally by Forbes, and Number One in Australia.
SEEK has been recognised by AON Hewitt as an Employer of Choice ten years straight and is passionate about it’s company's culture. SEEK is a leader in workplace diversity and inclusion.
For 20 years SEEK has been an integral part of Australians’ job-search process, and as the country’s leading employment marketplace is uniquely positioned to empower Australians with career, education and volunteer opportunities to create productive and fulfilling working lives.
About the SEEK Employment Report
The SEEK Employment Report provides a comprehensive overview of the Australian Employment Marketplace. The report includes the SEEK Employment Index (SEI), which is the first Australia aggregate indicator to measure the interaction between labour market supply and labour market demand. It also includes the SEEK New Job Ad Index which measures only new job ads posted within the reported month to provide a clean measure of demand for labour across all classifications.
SEEK’s total job ad volume (not disclosed in this report) includes duplicated job advertisements and refreshed job ads. As a result, the SEEK New Job Ad Index does not always match the movement in SEEK’s total job ad volume.
Disclaimer: The Data should be viewed and regarded as standalone information and should not be aggregated with any other information whether such information has been previously provided by SEEK Limited, ("SEEK"). The Data is given in summary form and whilst care has been taken in its preparation, SEEK makes no representations whatsoever about its completeness or accuracy. SEEK expressly bears no responsibility or liability for any reliance placed by you on the Data, or from the use of the Data by you. If you have received this message in error, please notify the sender immediately.