After a tough calendar year of interest rate rises and economic uncertainty, we are starting 2024 on a positive note for most sectors.
The upward trajectory seen in FY2023 has thankfully persisted, showing continuing and robust buyer interest in the first quarter of FY2024.
Lucia Vuong – Head of SEEK Business – says enquiries have grown by a remarkable 19% across all states and territories in Australia.
Cleaning businesses trending
Looking at this growth across all sectors, Lucia reports that Cleaning Businesses are red-hot, rising by a whopping 69%!
In addition, “Business Services has surged 37% – breaking into our Top 10 industries – and Building and Construction is up 28%.”
Despite moving out of SEEK Business’s Top 10, Hair, Beauty and Spa grew by 9% – so there is still plenty of movement there for buyers and sellers.
It’s probably no surprise that Franchise enquiries are up 39% – but here’s something you may not expect!
Shift in buyer profile
“There’s a new trend in town,” said Lucia. “High-value businesses – that’s $1 million and above – saw a 24% increase in enquiries. That suggests a shift in the profile of buyers we’re seeing, opening up new opportunities for sellers in this bracket.”
On the flip side, Lucia reports there has been a decline in enquiries in some sectors.
“Automotive and Marine dropped by 5%; Sport, Fitness and Adventure contracted by 4%, and Newsagency, Lottery and Post Office dipped by 2%.”
As far as employment and investment goes, the Healthcare and Social Assistance Industry remains dominant.
Massive investment in healthcare
The Australian Bureau of Statistics says the industry currently employs more than 2 million people – and will continue to grow.
The Australian Government invested $122 billion in the industry during 2022 and 2023. This will increase to $140 billion between 2024 and 2025 – to improve healthcare services across the country.
The healthcare industry is experiencing massive change due to the COVID pandemic, an ageing population, and growing rates of chronic disease.
We expect to see significant investment in innovative technology platforms and software solutions to improve patient outcomes – opening up new business opportunities.