8663.0 - Real Estate Services, Australia, 2002-03
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 22/04/2004
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Real Estate Services businesses generate $7,500 million in income
Australia's real estate services businesses generated $7,500 million (m) in income in 2002-03, according to figures released today by the Australian Bureau of Statistics. This was equivalent to 0.6% of Gross Domestic Product.
Franchised real estate agents generated nearly half ($3,700m) of this total income with non-franchised agents generating 41% ($3,100m) and other real estate services businesses (9%) $700m.
The major source of income for real estate agents was property sales commissions ($5,000m), while property management commissions generated income of $1,100m. Private treaty was the most common type of sale of property in Australia, with over three-quarters (78%) of all income from property sales commissions by real estate agents generated this way. Sales commission income generated through auction comprised 19% of the total. Auction sales were highest in Victoria (31% of total sales) with Western Australia being the lowest (3%).
At the end of June 2003:
There were 10,000 real estate services businesses including 4,500 non-franchised and 3,600 franchised real estate businesses. These total businesses employed 76,600 people.
Further details are in Real Estate Services, Australia, 2002-03 (cat. no. 8663.0).
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