The revelation was shared by a recent report developed by AEC Group, which revealed that than 1.4 million people were employed into the industry, growing at a rate of 22 per cent from 2013-14 to 2015-16.
The figures come despite signs that Australia’s housing market is transitioning towards weaker market conditions, indicating that the economy is still benefiting from the property boom.
Creating more than 390,000 jobs, AEC’s analysis shows that property has extended its lead as the biggest direct contributor to the nation’s GDP, totaling $202.9 billion in 2015-16, an increase of $20.4 billion since 2013-14.
Property Council chief executive Ken Morrison said the numbers involved white-collar and blue-collar jobs, from high finance to skilled trades, and from construction to property managers.
“This data highlights the interlinked benefits of a strong property industry – construction activity not only helps boost supply and take the pressure off house prices, it also creates jobs for over 1.4 million Australians,” Morrison said.
“Our industry creates assets which are important for every community and helps shape our cities for the future.”
The property industry contributes some $87.9 billion annually in combined Australian, state, territory and local government tax revenues, an increase of $15.8 billion over the same period.
Morrison urged governments to be careful not to overtax the industry, as the research revealed one in four Australians whose wages were reliant on the property industry.
State by state, property is the biggest contributor in almost every economy, accounting for 12.4 per cent in VIC, 10.8 per cent in SA, 12.7 per cent in NSW and 14.2 per cent in QLD.