Latest reports show the young rent investor is more concerned with lifestyle and many are buying up properties in suburbia to rent out so they can live a city life.
The reports by realtors show new trends among the under 30’s as they are enjoying city life with bars and cafe’s and are not ready to move.
The main reason behind this current trend is that the under 30’s can’t afford city apartments so instead they are looking further afield for affordable properties to rent out. Our cities offer such great lifestyles, they simply enjoy it too much. Yet they are still trying to get on the property ladder, so it kind of makes sense.
The young generation don’t want to be travelling to work and want to be near shops, bars and also their friends.
‘It’s all about lifestyle’
The costs of city property has risen a whopping 14% since 2010 and last March any first time buyers were lending around $325,000. Getting a deposit together has also proved slower, so the trend is the rent in the city and buy out until they are ready.
Reports show that the under 30’s looking to rent and invest is now around 23% and 16% are first timers just wanting to get on the ladder. Most of the investors are buying up town houses or houses in the suburbs that will give them a high ROI and also be there for them to move into when they are ready. Some are still managing to buy up city units, yet these are small spaces. By renting they can live where they want yet still have an investment working for them.
At Pierre Finance we can assist you in all your financial requirements. We work for you so you get the best out of your loan for your budget. We also have all the information you need whether you are a first time buyer or looking to invest. We know where is hot and where is not. Contact us for free here.