Finding a balance which suits both employers and employees is the key to a successful 2023.
The pandemic coupled with rising interest rates and increased cost of living, have encroached on the property industry over the last couple of years. Australian house prices have posted their largest fall on record, plummeting 8.4% since June 2022, according to CoreLogic this month. But what does 2023 hold for the property industry.
Across the country as a whole, trends in property and construction have seen house prices soften while rent increases, particularly across capital cities. The return of international students along with workers, will see this trend continue. This flow on effect to the construction of new builds will ensure the rental market stays strong. Along with another one or two interest rate rises predicted for 2023, predictions are for a relatively softer market this year.
For our clients in real estate and property, this means a closer focus on property management departments and taking the time to ensure staff are retained and the best staff recruited. It is a tight market for quality candidates and work culture and opportunity play an enormously important part in retaining staff members.
The pandemic has changed the face and nature of work life in general and particularly in real estate and property. Finding a balance which suits both employers and employees is the key to a successful 2023. While the market remains quiet and buyers hold off, it’s a great time to invest in ensuring you have a great work culture, up to date procedures, high performing staff, flexibility and up to date brand awareness.