Broker predicts boomer property surge
A cooling residential property market has failed to put Australians off selecting houses as a primary source of investment, a new survey has found.
The survey, by mortgage broker Mortgage Choice, which asked 651 randomly chosen 40-55 years olds whether they were interested in investing in property, found that 36 per cent plan to buy an investment property.
And they’re planning to buy within the next 12 months.
Despite the recent deflation of the residential property bubble, 88 per cent of those surveyed rated their level of confidence in the housing market as moderate to very high.
Mortgage Choice corporate affairs manager Warren O’Rourke said the attraction NSW respondents had to residential property was related to the recent scrapping of the vendor tax, which was charged to 2.5 per cent of the value of an investment property.
But even though most of the respondents (36 per cent) of the survey lived in NSW, the most popular state for intent to purchase was Queensland at 34 per cent, followed by Victoria at 24 per cent, then NSW at 21 per cent.
O’Rourke said this could indicate that NSW investors still saw more value in property elsewhere.
“It seems the Queensland property boom, although settling down, is moving along nicely for this age group,” he said.
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