Andrew Wilson of MyHousingMarket estimates that Australia’s real estate sector shed about 8,100 jobs in the year to February, while about 15,000 real estate agents have left the industry since the housing market peaked in 2017. Wilson warns that more job losses in the sector can be expected, as the housing market downturn is likely to continue. Meanwhile, Carlos Cacho of UBS notes that about 50,000 construction industry jobs have been lost since building approvals peaked in February 2018. He adds that a similar number of jobs are expected to be lost over the next six months. From The Australian:
During the GFC and its subsequent housing downturn, 33,000 real estate agency jobs were lost between August 2008 and February 2010. Current job losses are about half that level.
