Increasing competition is driving brokers out of the industry, says recruitment agency...Falling dwelling approvals could drive up property prices
Brokers going back to work at the banks
Increasing competition and unstable lending conditions are driving brokers to seek jobs at banks, suggests global recruitment agency Hays. Banks are “offering increasingly high salaries” to attract lenders with their own referral network and the ability to generate leads, according to Hays Quarterly Report for January-March 2017.
Those who decide to remain in the broking space will also benefit from the demand for referral networks, Hays predicted, as brokerages pay more to attract candidates with established networks. Brokers and financial planners with wealth-management networks are also set to benefit. Banks are also hiring more business development managers to cope with the increasing number of loans coming through the third party channel.
Remuneration alone may not be the deciding factor for many job applicants however, Hays cautioned: “candidates are not looking for a like-for-like role. As a result, the salary on offer is less of a motivating factor.”
Falling dwelling approvals could drive up property prices
Dwelling approvals in November fell by 2.9% in trend-adjusted terms, the sixth monthly decline in a row. The figures from the Australian Bureau of Statistics also show that dwelling approvals were down 10.1% (in trend-adjusted terms) compared to November 2015. One exception was Western Australia, where approvals grew after almost two years of month-on-month declines.
Matthew Pollock, Master Builders Australia's national manager of housing, suggested falling dwelling approvals could push up house prices: “With high population growth expected in Sydney and Melbourne, and persistently high house price growth and auction clearance rates over the past couple of months, it is important that residential building activity keeps pace with underlying demand. Otherwise supply constraints may push up house prices and put further pressure on future housing affordability, particularly in Sydney and Melbourne.”
Although positive about the ABS’ findings, the Housing Industry of Australia’s senior economist Shane Garret predicted approvals would slow further: “The year 2016 was a record one for new dwelling commencements and this will ensure that the volume of residential building activity remains elevated over much of 2017.However we anticipate that new dwelling starts will decline over the next 12 months, with this likely to be felt on the ground towards the end of this year,”
Increasing competition and unstable lending conditions are driving brokers to seek jobs at banks, suggests global recruitment agency Hays. Banks are “offering increasingly high salaries” to attract lenders with their own referral network and the ability to generate leads, according to Hays Quarterly Report for January-March 2017.
Those who decide to remain in the broking space will also benefit from the demand for referral networks, Hays predicted, as brokerages pay more to attract candidates with established networks. Brokers and financial planners with wealth-management networks are also set to benefit. Banks are also hiring more business development managers to cope with the increasing number of loans coming through the third party channel.
Remuneration alone may not be the deciding factor for many job applicants however, Hays cautioned: “candidates are not looking for a like-for-like role. As a result, the salary on offer is less of a motivating factor.”
Falling dwelling approvals could drive up property prices
Dwelling approvals in November fell by 2.9% in trend-adjusted terms, the sixth monthly decline in a row. The figures from the Australian Bureau of Statistics also show that dwelling approvals were down 10.1% (in trend-adjusted terms) compared to November 2015. One exception was Western Australia, where approvals grew after almost two years of month-on-month declines.
Matthew Pollock, Master Builders Australia's national manager of housing, suggested falling dwelling approvals could push up house prices: “With high population growth expected in Sydney and Melbourne, and persistently high house price growth and auction clearance rates over the past couple of months, it is important that residential building activity keeps pace with underlying demand. Otherwise supply constraints may push up house prices and put further pressure on future housing affordability, particularly in Sydney and Melbourne.”
Although positive about the ABS’ findings, the Housing Industry of Australia’s senior economist Shane Garret predicted approvals would slow further: “The year 2016 was a record one for new dwelling commencements and this will ensure that the volume of residential building activity remains elevated over much of 2017.However we anticipate that new dwelling starts will decline over the next 12 months, with this likely to be felt on the ground towards the end of this year,”
