8663.0 - Real Estate Services, Australia, 2002-03  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 22/04/2004   
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April 22, 2004
Embargoed: 11:30 AM (AEST)
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:
    • Real estate agent businesses tended to be small employers with just under three-quarters (73%) of all businesses employing less than 9 people;
    • Tasmania (60%), New South Wales (54%) and South Australia (51%) had the highest concentration of franchised real estate businesses to total real estate agency businesses within their respective states. Western Australia had the lowest with 33%;
    • Franchised businesses had a higher prevalence of web presence than non-franchised businesses (98% and 65% respectively); and,
    • 1.2 million residential and 169,000 non-residential tenancies were managed by real estate agency businesses.

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).