RESEARCH
THE difficult economic environment has hit property companies hard, with 29% reporting that 2022 was worse for...
The 2023 annual Avdiev Property Industry Remuneration Report shows just 16% of property companies reported doing...
“Property companies face an ongoing struggle in 2023, as the fallout from ten consecutive interest rate hikes starts to...
Debra Moloney, Principal of Avdiev Report
Global supply chain issues have also impacted the industry, with materials shortages and costs on the rise, and high inflation will boost pay expectations...
The survey shows pay growth in the property industry rose by an average of 5% overall in 2022, outpacing the 3.6% wage rise in...
The building and construction sector saw the highest average pay increases in 2022, with a 5.8% average increase for seniors and 6.8% for...
Senior property managers received a 5.0% increase to $132,100 in 2022, as did property developer investments and acquisitions directors, to $334,900.
Property investment, funds and trusts management senior analysts netted a 5.1% increase. Sales managers for retirement living and...
Staffing the biggest challenge More than a third of businesses – 35% – nominated staffing as their biggest challenge for the property industry in the next 12 months, from...
As a result, 30% of companies expect to increase pay by 6% or more in 2023, while 18% of those expect increases of 10% and above.
“Companies will be challenged to fill vacancies and ward off head-hunters while keeping pay expenses contained over the next year,” Moloney said.
“Many property industry businesses face the real challenge that increasing costs and rising salaries could outstrip their profit in already...
More than one in five businesses are still plagued by construction costs, with the escalating cost of both labour and materials their number one issue.
Growth and profitability are cited as key concerns by 17% of businesses, noting that they will struggle to increase revenue and profitability.
Rising construction costs are impacting project feasibility as is rising cost of debt. Eight per cent of businesses said that access to capital and funding will be their biggest issue in 2023.
Other top issues nominated by survey respondents were the broader economy (8%) and interest rates (8%) likely to continue to impact organisations, consumer finances and salaries.