Younger Aussies look to “rentvesting” to access property market
New research shows that 40% of Australians are open to the idea of “rentvesting”.
An Ipsos poll released by Westpac shows that two in five Australians would consider buying a property as an investment while continuing to live in rental accommodation. According to Westpac, Sydneysiders are the most likely to consider rentvesting as an option.
“The research shows that many young Australians are looking at savvy ways to get into the property market, showing that there’s still a clear aspiration for home ownership while maintaining their lifestyle,” Westpac head of home ownership Lauren Fine said.
The research revealed that 65% of rentvestors were male and 61% were born between 1983 and 1997. The vast majority, 81%, live in a metro area.
“Those rentvesting are most likely to have purchased their property in the last two years, which aligns with the increase we’ve seen in property prices across many areas of Australia. This may suggest that first home buyers have responded to these increases by purchasing in more affordable areas, while continuing to rent where they currently live,” Fine said.
The report also revealed that 61% of those rentvesting own a freestanding house, while 25% own apartments.