If you work in the property sector, now is the perfect time to ask your boss for a raise, according to a new report.
If you work in the property sector, now is the perfect time to ask your boss for a raise, according to the latest Avdiev Property Industry Remuneration Report.
The report shows 60 per cent of businesses in the property industry are experiencing a skills shortage. Just under half (44 per cent) of employees who left jobs over the past year did so because they were offered the same role at a different company for more pay.
Businesses in the sector are also feeling optimistic about the future, with 60 per cent reporting they are doing “well” or “very well” at the moment, and 43 per cent expecting to do even better next year.
The combination of optimism and labour shortages has led to big raises being handed out in the most recent round of annual reviews. There was a median pay increase of 4 per cent for staff in the property industry, with even bigger increases for design and building consultants.
Not surprisingly, pandemic-era pay freezes are largely a thing of the past, with only 10 per cent of businesses still having one in place, compared with 43 per cent at the same time last year.
Looking forward, two thirds of the companies surveyed said they expect their next round of pay reviews this year will return to the regular pre-pandemic levels, with pay increases of around 3 per cent.
However, gender discrimination remains a major issue, with more than a quarter (74 per cent) of property companies report that they pay men and women the same wage for the same work.
Just under three-quarters of companies in the property sector (71 per cent) actively monitor pay equity, with only 59 per cent taking steps to address the gap.
Here are the positions that got the biggest pay increases in the past year:
- 5.5 per cent for assistant project managers at design and building consultancies (to median salary of $77,350)
- 4.9 per cent for digital marketing and social media managers in finance and IT firms (to $138,800)
- 4 per cent for capital transactions, acquisitions and sales executives in property investment, funds and trusts management firms (to $252,800)
If you’re looking for a career change, here are some high-paying options to consider:
- property development directors were paid a median of $389,150, with a 3.5 per cent raise this year
- building, design and construction firm senior estimators received $228,700, with a 3.0 per cent increase
However, the following positions were not as lucky with their raises:
- real estate agency or advisory property managers received a median 3 per cent increase to $100,400
- retail management senior lease administrators were paid 2.8 per cent extra to $167,280 2.8
- retirement living and aged care sales managers received a 2.5 per cent raise to $144,250
- fewer than 20 per cent of property companies have returned to the office full time
Updated 9.54am on 18 March to clarify the statistics around gender pay inequality.