Page 21 - Tropic Magazine Issue 20

TROPIC • REAL ESTATE

Valuable

infatuation

PROPERTY WEALTH
First National’s David Forrest are investment properties. Property
investigates our obsession with is clearly a business for many, a 1
cornerstone for private wealth creation,
real estate. but it has become a pastime for most
of us. Visiting open homes is about
Words David Forrest
more than just research – it’s an
Australians love property and especially investment opportunity, a hobby and
residential property. The residential entertainment combined. 2
property market in Australia is The media has caught on and caters
valued at $5.5 trillion. If you include 1. The Block
commercial property it would come 2. Grand Designs Australia
to $6.2 trillion and that does not
include property held in self-managed Visiting open homes According to new research by HSBC
super funds. To put that into some bank, Australians clock up an average
perspective, the Australian stock is about more than 2.5 hours a week preoccupied by the
market is valued at $1.6 trillion. just research – it’s an property market – more than twice the
The property industry now employs time they spend at the gym (1.08 hours)
more people than any other sector, investment opportunity, or speaking to parents (0.88 hours).
according to AEC Group analysis. a hobby and entertainment Home renovations, property sales and
Creating more than 1.4 million jobs, market trends are common topics of
property has overtaken health care and combined conversation at social functions.
social assistance as the biggest direct So, what does all this mean? No doubt,
contributor to employment in Australia the interest we have in property will
by industry. More than 1 in 4 wages continue to drive the local market and
rely on the real estate industry – that’s heavily, especially on television shows put pressure on the current housing
a huge contribution to the livelihoods like The Block, Selling Houses Australia, Love shortage in Cairns. With the size
of individuals and families across the It Or List It and Grand Designs Australia, and growth of the industry, those
nation. It’s also a major contributor which cater for the property bug in all of employed within it will continue
to gross domestic product and to us. There are countless magazines about to specialise. There will also be a
combined federal, state, territory and home decoration and renovation and need to keep pace with the growing
local government tax revenues. the newspapers are constantly bringing sophistication and ever-changing
Locally, the 2016 Census showed us up to date with changing markets legislation requirements.
that there are 68,749 privately and trends. This does not include the
held properties in the Cairns Local number of Australians that just surf the MORE: fncairnscentral.com
Government Area. Almost 22,000 internet portals looking at property.

21 • tropicnow.com.au