Hays Property - April 2008

Hotspots

In areas where local and interstate developers remain very active, such as the Gold Coast, property divisions are remaining busy. Consequently, the demand for experienced development managers with local end-to-end experience is high. Similarly, quantity surveyors with consultancy (not contractor) experience and senior valuers with commercial experience are also required.

Building surveyors with a degree in building surveying, leasing executives, and shopping centre managers are also required.

Demand within the health sector continues to increase across the board with experienced project managers needed. Within the retail sector, lease executive and centre managers remain in demand following continued development of both major and sub-regional centres. Valuers continue remain in short supply as they continue to move into development and funds management, which is considered a more dynamic environment.

The coming quarter

With property professionals at varying levels required across Australia, most employers are registering open requirements with recruitment agencies and will recruit a candidate that meets their requirements at any time they become available - regardless of the existence of a current vacancy. They will create a role in order to secure a candidate with the right fit, skills, and experience for their organisation.

Continued low unemployment rates have increased the demand for qualified and experienced staff in all disciplines on a contract basis, and this is expected to intensify over the coming quarter as employers utilised temporary staff while waiting to secure permanent skills staff. There is an increased trend for experienced professionals to seek contract work, short-term assignments or work on a casual basis and these workers are benefiting from the higher pay rates driven by this supply/demand.

Executive

Senior level development managers remain in high demand for both quantity surveying and valuation consultancies. Many of these development managers are moving into contract roles with an ABN in order to consult to one or more developers. General turnover at the executive level has also increased, and with limited candidates available locally in light of the attraction of Middle Eastern, European and South East Asian opportunities, the executive market will remain tight.

Salaries

The property market is a candidates market, particularly in all areas of development where salaries are rising in line with the increasing demand for staff. In this market, employers need to offer a top salary in order to successfully attract the best candidates with the experience required.

Consultancy firms are struggling to increase salaries for their staff without increasing their own fees and so salaries in this arena are expected to remain stable or increase only slightly.

Candidate expectations continue to rise and often do not align with employer expectations.

Candidate trends

There has been a continued decrease in candidate availability across all areas of property recruitment. This has been most noticeable recently for development managers since the shortage of candidates for other areas of the market has been in existence for a period of time.