The young are breaking down the traditional hierarchies in property companies, and with it is coming bigger pay and more job satisfaction, according to the latest Avdiev report.
In its 32nd year, the report to the end of March 2018, says property is the main game in town and is enjoying some of the best conditions seen in a long time.
The Avdiev Property Industry Remuneration Report is a benchmark survey of employment conditions across about 110 companies and businesses in the industry.
Most projects in the coming year will be in the booming commercial property sector, with 97 per cent of respondents saying they are doing well or very well.
But those with technological expertise – young and not so young – and are willing to keep adapting, will have the most secure jobs in the future.
Rita Avdiev, managing director of Avdiev Group, says property companies are embracing the advancement of younger people in the sector.
”The young are outpacing their seniors in the race for remuneration rises,” Ms Avdiev said.
”Recognised and rewarded at last, they are pushing the boundaries, by-passing old hierarchies and may bring some much-needed change into attitudes and working relationships of the 21st century.”
Ms Avdiev said the Property Council’s mass media campaign, repositioning the industry as Australia’s biggest employer, source of growth and creator of wealth, should attract some much-needed new young talent with a diversity of backgrounds, outlook and enthusiasm to move the industry forward.
GPT Group, Dexus and Investa, are among many property companies that are offering mentoring and career advancement through many initiatives, with a focus on women. Dexus now awards women in property at its annual awards event.
According to Ms Avdiev, wages in the sector are also reflecting the better conditions, with new roles also being created, such as in retirement living and development analysts. These jobs pay about $68,000 and up to $110,000 per annum respectively.
”Property companies are preparing to grow and change, new development is strong, retail assets must be upgraded to withstand new market competitors: 30 per cent of subscribers have introduced new division structures and job types, many at senior level, reinforcing potential income generation, profitability and digital capacity,” Ms Adviev said.