Looking at the Australian property market we could classify it into 2 eras; before and after the Second World War.
Up until the beginning of WW2, Australia’s economic growth was heavily dependent on agriculture however experienced great financial hardship during the Great Depression between 1920 and 1930. Many agriculture businesses started to struggle when investment from overseas fell behind economic problems offshore.
The Australian property market was heavily dependent on foreign investment in the early 20th century. This became troublesome for the economy because there was a significant difference in the expected profit and the actual profit with respect to the investment. The overall situation got worse when the war started as the government needed to invest most of its capital to the war effort, rather than using money to correct national financial problems.
After the end of Second World War in 1945 the entire phase of the economy started to change. Developing new markets for consumer products, high employment rate, increasing foreign investment and growth of mining industry soon made Australia one of the most developed countries in the world. Given the need for more skilled workers, Australia’s immigration policy was quite liberal during this period and the number of immigrants coming in has increased ever since.
Today, things are once again starting to pick up after a period of rather sluggish economic activity. State governments are financing education and getting behind the trades sector in an effort to encourage the training of skilled workers, which means that there is a great demand for human resources. In the housing sector for example, there is a great shortage of plumbers, electricians, and builders.
The real estate sector also has a bright future because of Australia mining industry. It is estimated that 20% of economic growth in recent times has come from the mining industry. So more and more people are spreading to mining industry and this is creating more job. Hence the demand of establishing residential home is also increasing. The Western Australian government is sponsoring foreign immigrants to settle in Perth and surrounding regions to help cater for this.
Further, the price of real estate has almost doubled in Western Australia because of this mining boom. It can be easily said that real estate business will become one of the major players in the economic growth in some places of Australia. So the need of skilled real estate agents will also rise in those regions. It is a good time for young people who want to build their career in real estate industry to train themselves. Many educational institute like rete offers real estate agents courses. Today’s competitive world the value of education in any sector is priceless and we all know that.
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