A hot property market is fuelling strong demand for mortgage brokers, making it one of the most sought-after professions in Australia, according to the latest analysis by Hays Banking.
Hays Quarterly Hotspots revealed a list of skills in demand for the first quarter of 2014, identifying mortgage broking as one of the areas with strong job opportunities.
“Mortgage Brokers continue to be sought after due to demand from investors and first home buyers,” said the report.
With changing demographics in the Australian property market, and increasing interest from Asian investors, bilingual brokers are also in hot demand, said the report.
“Increased sentiment in commercial property in the vital Sydney & Melbourne CBD markets will counteract tougher conditions in those affected by the resource led economies.”
An increase in mortgage demand is also driving a need for more credit assessors and mortgage admin staff, said the report.
“There has been an increase in demand for the preparation of mortgage documents due to the competitive interest rates in the market, banks competing for business and the new legislation around VEDA - where banks will be able to request information on behalf of the customer regarding failed credit checks.”
Lenders are seeking to poach top performing mortgage administrators from rival banks to grow their market share, said the report.
Financial planning was identified as an area of skill shortage with “a distinct lack of qualified planners in the market”.
FoFA regulations and the grandfathering agreement have been blamed for planners leaving the profession.
“This quarter work flow and hiring will increase in wealth management, but candidates are required to be qualified or have at least 12-18 months industry experience,” said the report.
Rapid growth in the residential property arena has also resulted in a shortage of certified valuers, the report said.
“This is prevalent in financial institutions, agencies and specialist valuation businesses. There is particularly high demand for Valuers willing to work in regional areas.
“Record low interest rates and competition from the major banks has eased lending criteria which in turn has seen an increase in developer activity for new broad acre and infill housing stock, as well as decreasing clearance rates on existing properties. The end result for the employment market is a rush for experienced candidates who can value, develop, sell and manage all these properties.”