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Millennials are taking over the property hierarchies – and our pick of the jobs

Market Pulse and our pick of the jobs: After a golden period of spectacular growth the softening residential market is starting to have an impact on sentiment over the rest of the property industry and putting the brakes on the pay rises we saw last year, the latest Avdiev Property Industry Remuneration Report says.

Author of the report and managing director of the Avdiev Group, Rita Avdiev, doesn’t separately survey sustainability professionals but if the common assertion that “sustainability is in our DNA” is correct, then the results of the survey are also a fair indication of the state of play for those whose job descriptions incorporate environmental/sustainable/climate action priorities.

The Avdiev report isn’t exactly negative. It sums up an industry of benign business conditions with undertones of wariness about the future.

Key points from the report include generallygood business conditions”, a robust economy “with standing global malaise” infecting local branch offices (as it ever did) and a Reserve Bank of Australia outlook that remains positive.

“Falling residential prices have dampened sentiment with a flow on effect for developers, builders and consultants working in related market sectors,” the report says.

“This time last year we reported an overall increase in the property markets of 3 per cent, compared with the latest finding of 2.5 per cent”.

This compared with Australian Bureau of Statistics figures in December of showing a 2.3 per cent rise in the Wage Price Index and a rise in the Consumer Price Index 1.8 per cent.

The young are winning and taking over the older folk’s jobs

Young people are the winners. Their pay rises were 2.5 per cent overall, outpacing those of their senior colleagues, “with spikes in sectors where shortages of competent people exist”.

Standing out among the young are Millennials, who Avdiev describes as the most important demographic sector, now “invading traditional hierarchies”.

In fact, she says it’s a “generational” change in the property industry with corporate restructuring in the last few years encouraging Millennials to rise up the ranks.

The residential downturn though obscures a much better placed commercial sector, Avdiev says.

Commercial vacancies in the major CBDs are still falling and rents are rising.

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Our pick of the jobs

There seems to be a surge of jobs open to offers right now. Those that piqued our attention are:

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