The latest Avdiev Property Industry Remuneration Report found 52 percent of companies reported 'doing OK' in mid 2011 leading to an increase in staff remuneration, although the median increase of 4 percent is slightly less than that reported by the ABS for the general workforce.
The property investment, funds and trust management sector reported the highest average increases, attributed to stabilisation and improvement within the sector.
With low work levels and increasing competition, the building, design, construction and housing sector has reported the lowest remuneration increases.
Propery development had the second lowest level of remuneration increases, mainly because of funding and planning difficulties.
"There seems to be a multi speed economy operating in the property industry as well as the general economy," says Rita Avdiev, managing director of the Avdiev Group. "Some sectors seem to be profitable, others are being squeezed."
Fifty-seven percent of companies reported that their short-term incentives remained stable, 28 percent increased and 15 percent decreased. The average short-term incentive paid was 17 percent for senior staff members.
Forecasts are for similar incentive levels to continue over the next 12 months and for overall median remuneration increases to stay at 4 percent, depending on the well-being of each sector.
"The spectre of fiscal meltdown in the Eurozone, unemployment staying high in the USA, stock market gyrations and knife edge political maneuvers in Canberra have taken a toll on business confidence and decision making," Avdiev says.
