More than one quarter (26%) of Australian homeowners are considering buying an investment property, with 56% of these indicating they intend to make the purchase in the next two years, according to the 2013 Homeowner Intentions Survey conducted by Mortgage Choice.
The group says the findings are a sign that Australians are beginning to feel confident enough to take advantage of the current low interest rates and are considering making a significant investment in property.
Mortgage Choice head of corporate affairs, Belinda Williamson, says it’s positive news for the property market to see a ‘considerable chunk’ of homeowners weighing up the decision to purchase an investment property in the near future.
“With lenders’ interest rates on both home and investment property loans at their lowest point in recent years, it isn’t altogether surprising.”
The Survey also revealed that Australians’ love affair with bricks and mortar shows no sign of abating. Of the 25% of respondents who already own an investment property, 68% own one property, 19% own two, and 13% own three or more properties.
Williamson says there was a close race at the top when respondents were asked about their top five most sought after aspects of an investment property.
“66% of respondents said that their focus was tenant demand in the area, and almost the same number – 65% – said they wanted an investment property in the right suburb and street.”