Industry Analysis & Industry Trends
Over the past five years, the Real Estate Services industry has had to endure some property market uncertainty. Revenue is expected to grow by an annualised 0.3% over the period. This low growth is due to reduced demand for properties from investors, commercial businesses and home owners. Deteriorating economic conditions, rising debt levels and tighter access to finance have directly affected property investment.
The global financial crisis led to a significant fall in demand for all types of property. Some efforts were made to reinvigorate demand, through a progressive period of interest rate cuts from September 2008 to April 2009 and the First Home Owner Grant, which was in place between October 2008 and December 2009... purchase to read more
Industry Report - Starting a New Business Chapter
Barriers to entry are relatively low in this industry, mainly due to relatively low entry costs. State government licensing regulations stipulating minimum experience and education requirements can inhibit the entry of firms or people engaged in complementary professions (such as solicitors and accountants).
There is significant competition in the industry, and it is imperative to develop a referral base and centres of influence in order to build a critical mass of customers and sales.
Prospective buyers of property tend to concentrate their search within a localised area. Established firms can have expertise within defined areas. These local markets are generally catered for by a small number of firms and it can be difficult for a new entrant to penetrate... purchase to read more