The gross value added (GVA) for the rental, hiring, and real estate services in Australia has demonstrated an upward trend from 2013 through 2023. Between 2013 and 2020, the GVA experienced consistent growth, with annual increases ranging from 1.27% to 8.38%. The period from 2020 to 2021 marked a slight improvement with a 1.78% increase, followed by a substantial 15.44% surge in 2022. However, 2023 noted a marginal contraction at -2.38%, placing the GVA at 97.64 billion AUD. The compound annual growth rate (CAGR) for the last five years stands at 3.32%, reflecting moderate growth.
Looking forward, the forecasts from 2024 to 2028 indicate a steady rise in GVA, with an average annual growth rate (CAGR) of 2.38% over the next five years. By 2028, the sector is projected to reach a GVA of 113.42 billion AUD, representing a cumulative growth of 12.46%.
Key future trends to watch for include the impact of economic conditions on rental demand, changes in property market dynamics, and the potential effects of regulatory adjustments on the real estate sector. Significant technological advancements in real estate services and the increasing emphasis on sustainable practices could also shape the growth trajectory.
