Property investors tightening their belts
Rising property prices mean more investors have to make sacrifices.
Research from Mortgage Choice found 71% of property investors had to sacrifice part of their lifestyle to buy an investment property. Mortgage Choice chief executive, John Flavell, said the result represented the third year in a row the company has seen a rise in the proportion of investors saying they had been forced to make lifestyle sacrifices in order to buy.
“Of course, when you consider that most property markets have seen a jump in property values over the last few years, I am not surprised to see that more and more investors are having to sacrifice elements of their lifestyle in order to make their property purchasing goals a reality,” Flavell said.
The company’s annual Investor Survey found 78.1% of investors had to cut back on day-to-day spending, while 54% said they chose not to take a holiday and 38.7% delayed their decision to purchase a vehicle.
“It is clear from the data that investors are savvy and they know to make their property ownership goals a reality, they need to make changes to their lifestyle,” Flavell said.
- How will proposed “simpler credit” rules affect Australian borrowers?
- Borrowers are back: homebuyer lending rises 10% in July
- Australian borrowers could save up to $60,000 by refinancing right now
- Athena’s new home loan rates get lower as you pay your mortgage off
- House prices continue falling (slowly) across Australia