The real estate industry has played a large part in the economic recovery, according to figures from the Australian Bureau of Statistics (ABS).
The latest ABS Australian National Accounts figures showed that, in seasonally adjusted terms, Gross Domestic Product (GDP) had increased by 0.2 per cent in the September quarter, with the largest contribution to this coming from real estate services.
“The sector contributed 0.3 percentage points to the quarterly growth, and the largest increase in seasonally adjusted terms of 9.9 per cent,” the Real Estate Institute of Australia president David Airey said.
Together with the construction sector, which contributed 0.2 percentage points to the quarter’s growth, rental, hiring and real estate services were the only bright spots in the National Accounts.
“These figures highlight the important role that housing is playing in Australia’s recovery from the global financial crisis and vindicate the government’s fiscal measures that have been implemented to date,” Mr Airey said.
“It would be a shame for monetary policy, through continued and premature interest rates, to put a dampener on the recovery.”