New ABS figures reveal the property industry generated $8.6 billion in profit in the December Quarter, compared to $3.6 billion earned by the mining industry.


The figures, which include the profits for rental, hiring and real estate services, were up from $5.4 billion in the September Quarter.


Property Council of Australia chief of housing policy Glenn Byres said property was the nation’s largest industry and it was crucial to economic growth, but warned investors not to become complacent.


The CoreLogic Moody’s Analytics Australian Forecast Home Value Index has revealed property price growth would be 3.6% this year and 2.7% in 2017, before starting to climb again.


Between 2017 and 2025, property values are forecast to grow at a rate of 4.3– 4.7% per year.