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The real estate industry has surged over the past decade, growing nearly 30 per cent from 2014 to 2024, with more new agents entering the field after the pandemic.
Real estate has been one of the fastest-growing occupations from 2014 to 2024, recording a 29.6 per cent increase over the past 10 years, according to new research by KPMG.
In their new data analysis, KPMG Australia reviewed over 350 job titles to identify the list of growing and declining job occupations across the country over the last 10 years.
In total, real estate agents went from 83,900 workers in 2014 to 108,700 in 2024.
KPMG urban economist, Terry Rawnsley, said while the number of real estate agents has been steadily increasing over the years, the profession experienced a sharp growth after COVID-19.
“Most years the profession grew about 3–4 per cent, then during COVID it went down to sort of 1.5 per cent before picking up again,” Rawnsley said.
“In 2023 to 2024, it was up 4 per cent over that 12-month period, which was the fastest growth.”
According to Rawnsley, the 2024 kick-off reflected the change in the Australian property market following the low turn during the pandemic.
“We’ve also seen a steady population increase over the last 10 years, with more demand for real estate services, especially post-COVID, when more people are looking to buy properties.
“So a lot more activity and sort of seachange and treechange locations, that’s probably required a bit more agents in those more regional markets to deal with the influx of population over the COVID period,” Rawnsley said.
Similarly, to real estate agents, financial brokers also experienced a surge in professional numbers with a 53.9 per cent increase over the last 10 years.
In 2014, there were 28,000 financial brokers in Australia compared to 43,100 in 2024.
According to Rawnsley, the growth in brokers has shown the switch in mindset and the Australian financial ecosystem.
“Ten years ago, there was still quite a dependence on going into a physical big four bank branch to complete your transactions,” he said.
“Whereas now, people have become much more comfortable with having a mobile broker come to their home rather than having that physical office, which has become less important.”
Similarly to real estate agents, Rawnsley said the surge in financial brokers was likely due to the growing interest in the residential and commercial sectors.
“While the rates of investment properties haven’t shifted much over the period, the average loan amount has increased significantly and people have larger mortgages, bigger financial stress,” he said.
“Traditionally, people would be stuck with the same provider for five years; now they can change rates every couple of years.
“Now they might call their broker regularly in pursuit of the best deals, and the brokers help them navigate through all the various products and bargain for what’s best suited for them.”
Rawsley said that the high range of new financial products available on the market has also prompted the uptick in the profession, making it one of the fastest-growing industries in Australia.
“The growth in financial services reflects that more people in the country have been trying to get into the housing market, while more businesses have been looking for that financial support.”
Across the board, KPMG analysis found that jobs in the care economy, particularly health and childcare, have led occupational growth from 2014 to 2024.
Additionally, roles in tech, marketing, HR, hospitality, and delivery are shifting in their wellbeing priorities, and the gig economy has reshaped the workforce.
At the same time, digitisation has driven sharp declines in roles like executive assistants and travel agents, while the drop in farmers reflects a move towards larger-scale agricultural operations.
Print manufacturing workers and telecommunications repair and installation workers round out the list of the fastest-declining occupations.
According to Rawnsley, the population growth has also changed the workforce.
From 2014 to 2024, Australia’s workforce grew by 22.9 per cent from 11.4 million to 14 million workers, with the 10 fastest-growing occupations adding over 1 million jobs, accounting for nearly 40 per cent of total employment growth.
“The surge in care economy occupations reflects a jobs market responding to Australia’s changing demographics,” Rawnsley said.
“As the older Baby Boomers enter their late 70s and early 80s, the need to rapidly expand aged care and related health services grows stronger.”
“Meanwhile, increased participation of women in the workforce has meant the demand for childcare has similarly increased over the last decade,” he concluded.
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