Younger Australians are becoming the country’s most active property investors, with many happy to take the financial plunge alone, new research has found.
They were followed by followed by Gen X, those born from 1965 to 1980, who made up 37 per cent of all new investment property purchases throughout the calendar year.
The average age of property investors in Australia was 43 years, and the average loan size was just above $500,000.
The research suggests younger Aussies are dropping avocado on toast in favour of home ownership despite record property prices and severe cost-of-living pressures.
And many of them are choosing to purchase property on their own, Commonwealth Bank’s executive general manager home buying, Michael Baumann, said.
“From our data, we can see that almost one-third of all millennial property investors actually purchased their investment property on their own,” he said.
During the past year, Australian Bureau of Statistics data found lending to property investors grew by 18.5 per cent.
Best suburbs to buy an investment property in top states
Lending to first home buyers increased 13.2 per cent, while owner-occupiers recorded a 3.4 per cent rise.
Nationally, the top postcodes for new property investment purchases last year were 2000 (Sydney CBD, including Haymarket); 3029 (West Melbourne, including Hoppers Crossing); 2765 (North West Sydney, including Marsden Park), 3064 (North Melbourne, including Craigieburn), and 2155 (North West Sydney, including Kellyville).