One in five of first home buyers bought their first properties last year for the sole purpose of renting it out, with one state dominating the market for the first month of the new year.
A surprising portrait has emerged of Australia’s first home buyers as it’s revealed one in five buying in 2023 had a specific purpose for their purchase.
Aussie Home Loans mortgage broker Kim Horan said many young buyers wanted to maintain their lifestyle while attempting to look “long term” with their property plans. “Many are buying homes in areas they can afford and renting out the home while they either stay at home with parents or rent in areas that suit their current lifestyle,” she said.
NSW topped the list with 30 per cent of buyers rentvesting, followed by Queensland at 26 per cent and Victoria at 20 per cent.NSW topped the list for the number of “renvesters” — people purchasing property for the sole purpose of renting it out. Picture: NCA NewsWire / Max Mason-Hubers
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