Skip to main content
Forms live login
Find a Member
(02) 9264 2343
| Connect with us:
Why join REINSW
Become a REINSW member
Webinars on demand
Member logo and flyer
Third party benefits
Real Estate Journal
Find a candidate
Annual General Meeting
Presidential Appointment Form
Annual Report 2018 - 2019
Authorities and disclosures
Why train with REINSW
Certificate of Registration
RPL - Recognition of Prior Learning
Buyers' Agent Licence
Trainer & assessor profiles
Unique Student Identifier
Novice Auctioneers Competition
Awards for Excellence
Women in Real Estate
Annual General Meeting
Women on Boards
Price list and order form
REI Forms Live
Fair Trading factsheets
Notice of Revised Estimated Selling Price
Record of Property Reports
Strata Proxy Appointment Form
Strata model by-laws survey
Email Consent Form
Skip breadcrumb navigation
How does the real estate industry impact NSW?
12 November 2018
Did you know, NSW real estate is a $107 billion industry annually?
It’s bigger than the mining industry ($21 billion
), the retail industry ($22.8 billion
) and tourism industry ($38.1 billion
We know, impressive right?
So now a little more about the impact of real estate on the NSW economy and how real estate professionals contribute to a stronger state.
There are approximately 37,703 real estate agents employed across NSW.
A typical agent is a woman in her 30s, working full-time and earning around $58,468 in a job she juggles with childcare and unpaid domestic duties.
Challenges of the NSW market
There are more than 3.05 million dwellings across NSW, including 2.024 million houses and 1.03 million units.
With the median sale price in Sydney sitting at $985,000, it currently takes 12.1 years to save a deposit on a Sydney property (compared to 10.8 years for properties in Melbourne). It’s not surprising then that Sydney and NSW are the least affordable places to live in the country.
It doesn’t help that across Sydney only 306 suburbs have a median sale price is below $1m and 118 suburbs have a median sale price above $2 million.
In suburbs with a median sale price of $1.5 million, $68,000 in stamp duty tax goes to the Government per transaction. (This doesn’t include the extra ten per cent in GST).
Research from real estate group LJ Hooker
identified the high cost of stamp duty played an important role in the lack of property listings, with just over a quarter of respondents stating the cost of buying a new home was too high due to stamp duty.
To put the impact of this tax into perspective, in the 2017–18 financial year, stamp duty contributed $8.4 billion to the NSW economy across 220,313 transactions. To illustrate this further, in NSW alone, 51 per cent of renters indicated they want to buy an investment property first to support their dreams of home ownership in the country’s most unaffordable state.
Importance of the NSW property industry
The importance of the property industry – and its impact on NSW voters – is extensive, with 49 per cent of residents owning a property and 33 per cent renting. (12 per cent live at home and six per cent have other arrangements).
This bolstered REINSW’s decision to resign from the Real Estate Reference Group. It also drove REINSW’s call for a dedicated Property Services Commissioner that can accurately represent an industry that so significantly contributes to the NSW economy and community.
Short-term Holiday Letting in NSW Options Paper
REINSW's submission in response to the Options Paper
Understand the reforms. Read the
Fair Trading Amendment (Short-term Rental Accommodation) Bill 2018
Have a question about this or any other issue?
Contact the REINSW Helpline
Want to keep up-to-date with industry news?
Become a member
1 CoreLogic 12 months to August 2018
NSW Mining fast facts
NSW Planning and Environment: the retail sector
Destination NSW: economic contribution of tourism to NSW 2015–16
Elite Agent: Australians of real estate
CoreLogic Market Trends August 2018
CoreLogic Housing Affordability Report September 2018
LJ Hooker Stamp Duty Report 2017
CoreLogic Perceptions of Housing Affordability Report 2017
Share this page
Share on Facebook
Share on Twitter
Share on LinkedIn
Industry wins in short-term holiday letting reforms
REINSW Submission on short-term letting
Victorian court evicts tenants over Airbnb
REINSW makes submission to Parliamentary Inquiry on short-term letting
How to handle noise complaints