The ‘Property Law’ services sector of the Australian Legal Services Industry, according to IBISWorld, accounts for 15.5% of the total industry’s revenue (which in 2019 was estimated to be AUD $20.8 billion).
The Property Law segment of the Australian Legal Services Industry includes property conveyancing and other property-related legal work.
Small local law firms primarily provide these services to households and businesses engaging in property transactions.
Additionally, while property owners and investors account for a large portion of clients for this segment, property law specialists also advise property developers on issues such as structuring finance for property sales.
This sector is significantly affected by interest rates and the strength of the domestic economy as well as the number of housing transfers and the building of new dwellings from property developers.
Although the number of housing transfers has decreased over the past five years, a rise in the number of new dwelling commencements has boosted demand from property developers for services over the same period.
However, operators in this segment face strong competition from real estate agents and mortgage brokers that also provide these services.
Over the past five years, this segment has declined as a share of industry revenue.
Note 1: This information is reproduced from the IBISWorld Industry Report M6931 Legal Services in Australia February 2019 Kim Do
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