Some of the largest industries out there include mining, homeownership, and financial services. However looking at the Australian market today property has become the largest industry.

In the last decade the property market has almost doubled its contribution the Australian gross domestic product. In the last financial year $182.5 billion was contributed to the Australian economy by the property industry which includes property related financial, and professional, and construction services.

The contribution equals 11.5% of GDP compared with the $147.1 billion value of home ownership and the $140.9 billion mining industry, according to research commissioned for the Property Council of Australia by consultancy AEC Group. The property industry employs over 1.1 million people making it the second largest employer in Australia after the healthcare industry.

“If we can unlock the potential to increase property’s contribution even further, that will mean more jobs and more prosperity for Australians” Property Council Chief Executive Ken Morrison said. Dominic Lambrinos, Business Finance Expert and Founder of Chifley Securities echos Mr. Morrison’s comments that “Governments can help make this happen by abolishing our most distorting taxes – like stamp duty – and streamlining planning processes to make housing more affordable for all Australians” .

The property market has contributed much more to the GDP if you look at its influence on other industries through flow on demand for good and services gave the industry a total of $462.2 billion as well creating an additional 1.54 million jobs. “Our economy needs the property industry to do well, particularly as we transition from the mining investment boom” Mr Morrison said.

The property market is definitely booming in Australia and it is projected to expand in the upcoming years. With advisory boards getting involved in lobbying and pushing legislation for incentives to help the sector grow this is a great area not only to invest but to also find employment in.