Salaries in the property industry are growing faster then that of the general workforce, research reveals.
The median remuneration increase from May 2006 to April 2007 was 5 per cent for senior employees in the property industry, recruitment firm Avdiev said.
In contrast, average weekly earnings in the adult workforce for the year to November 2006 increased just three per cent, according to the latest data from the Australian Bureau of Statistics.
Avdiev noted that the Consumer Price Index, which is favoured by employers as a benchmark indicator for remuneration adjustment, increased 2.49 per cent from March 2006 to March 2007.
The recruiter looked at 270 positions in around 150 companies.
Almost every company (98.5 per cent) in the survey increased remuneration at their last reviews.
An asset manager working for an east coast property investment company, with less than $500 million in funds under management, earns on average $172,000. This salary is predicted to rise by 5 per cent by next April.
A portfolio manager working in property securities earns $230,000, and is also predicted to have a 5 per cent wage increase in 12 months.
Annual staff turnover targets were set by companies at 15 per cent for the last year.
The turnover at junior levels was 20 per cent and dropped to 5 per cent for senior staff.
"Generation Y [is] always on the move [while] the baby boomers are staying put," Avdiev managing director Rita Avdiev said.
Companies are also working hard to retain staff. Half of those surveyed reported making counter offers when staff resign to join another company.
