As one of the most front-facing professions in the real estate market, real estate agents form a significant portion of the property industry in Australia.
Since the impact of the early 2020 global pandemic on the Australian market, there have been big movements in the nation’s interstate migration activity, interest rate fluctuations, buyer demand for housing, and governmental schemes.
What has all of this translated to? A clear and significant rise in the demand for real estate professionals across Australia.
If you are considering a career change to become a real estate agent, we’ve got the key insights you need to make an informed decision.
Current state of Australia’s real estate market
It’s no secret that real estate is one of the most lucrative industries in Australia. Currently, Australia’s residential property market is at the highest it’s ever been, with a combined value of $10.7 trillion.
The total value of residential dwellings rose in all states and territories, with the average home price sitting at $933,800 nationally.
Further to this point, the number of businesses in the real estate services industry in Australia has grown 0.4% per year on average, with there being 41,360 businesses as of 2024 that employ an estimated 142,000 real estate professionals.
The rising demand for real estate agents across Australia
The demand for real estate agents across Australia is experiencing a notable rise, driven by steady property price appreciation, population growth, and sustained interest in the housing market.
According to the Real Estate Institute of Australia (REIA), the number of property transactions has steadily increased, particularly in major cities of Sydney and Melbourne. This surge in activity has created a robust job market for real estate agents, with agencies actively seeking talented individuals to meet the growing client base.
Despite the advancements in proptech tools for real estate transactions, many buyers and seller still find it difficult to parse the complexity of the real estate market, leading to more emphasis on real estate agent services that can offer strong negotiation skills, in-depth market knowledge, and the ability to leverage proptech solutions to ensure buyer interests.
Factors affecting the demand for real estate agents
The demand for real estate agents is driven by a multitude of factors including:
Employment trends
According to the Australian Government’s Labour Market Insights, the real estate and property services sector has shown moderate growth. As of early 2024, there were around 100,000 real estate agents employed across Australia, with a steady increase in demand due to a recovering housing market.
Regional demand
The demand for real estate agents across Australia changes with the need for real estate services in specific regions. Metropolitan areas like Sydney and Melbourne have higher real estate activity due to their large populations, leading to a higher share of real estate agents working in these areas.
Housing supply and demand
The mismatch between housing supply and demand in Australia has made home buyers face increasingly high levels of competition for available housing. As the housing shortage continues, the need for real estate agent services will be driven up as more buyers and sellers seek to fill in the gap.
Regulatory and policy changes
Changes in government policies, real estate regulations, and property taxes can have a big impact on the demand for real estate services. For example, the recent doubling of the First Home Owner Grant (FHOG) in Queensland from $15,000 to $30,000 as of November 2023 has made it significantly easier for first-time home buyers to enter the property market. This increased purchasing power has boosted demand for real estate agents as more people seek assistance in finding and securing their first home.
Becoming a real estate agent — what qualifications do you need?
With all signs pointing to an increasing need for real estate agents, there is a tangible opportunity for individuals who are considering making a switch in their career into real estate.
In order to become a real estate agent, you will need to obtain the necessary qualifications to operate in your own region or state. Different states have their own study and certification requirements for those who want to start working as a real estate agent, and it’s important to know what these are before making any plans.
Past getting the basic qualifications for becoming a real estate agent, it’s also important to get the right industry experience to supplement the knowledge gained from studying. Given that every single real estate agent will already have the right qualifications, gaining the right skills is the key to differentiating the quality of your real estate agent services from the status quo.
At Entry Education, we can help you get the right qualifications to kickstart your real estate career, as well as gain specialised skills and expertise to maintain an edge over the competition. We offer real estate courses for New South Wales, Victoria, Queensland, and all other states and territories in Australia, with comprehensive learning material delivered by leading real estate professionals.
