More evidence has emerged that Gen Y buyers are increasingly turning to investment properties for their first purchases.
Loan Market has claimed a 15% rise in the number of first home buyers looking to purchase investment property. The company's COO, Dean Rushton, said Gen Ys represent a large proportion of first time buyer enquiries.
"Gen Y is still chasing the great Australian dream of home ownership but many are approaching their entry to the market from a different angle. An investment property also gives them the option to buy property where they can join forces with a family member or friend to purchase," Rushton commented.
A recent Mortgage Choice survey also provided evidence of the trend, with 43% of Gen Y respondents saying they planned to become investors before owner-occupiers.
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