Seven in 10 property investors admit they were “forced” to make sacrifices to their lifestyles to purchase an investment property.
According to Mortgage Choice
’s annual Investor Survey, 69.4% of investors admitted to making sacrifices in order to buy property. This is an increase from 68% in 2015.
Mortgage Choice chief executive officer John Flavell said with property prices rising across most markets, he wasn’t surprised to hear a greater percentage of investors were forced to make lifestyle sacrifices in order to buy property.
“Data from CoreLogic
found property values climbed 8.3% across the combined capital cities over the last 12 months,” he said. “While some capital cities performed better than others in terms of property price growth, it is fair to say that most markets have enjoyed an upswing in values over the last few years.
“With that in mind, I am hardly surprised to hear investors are having to make sacrifices in order to achieve their property investment goals.”
When asked what sacrifices they had made to afford their property purchase, more than half (57.9%) of respondents said they had cut back on their day to day spending.