A recent survey from a major bank suggests that almost half of the clients in your sales department have or will eventually purchase an investment property.
According to the survey of 1000 homebuyers from Commbank, 47 per cent of respondents claimed they either are, or were seriously considering investing in property.
According to the results, a rise in capital values for houses and units during 2013 has caused many Australian couples and families to consider renting property rather than purchasing given rising costs of home ownership.
However, some home buyers are so desperate to get into the market they are willing to compromise on their chosen property.
According to the research, the top four factors home buyers would be willing to compromise on are the size (29 per cent), the price (25 per cent), the location (24 per cent) and whether a property requires little or no renovation (24 per cent).
Clive van Horen, general manager home loans from Commonwealth Bank said it’s fine to make compromises if they’re done for the right reasons.
“Although it’s not surprising many home buyers are prepared to compromise on their next property purchase, what’s important is making the right compromises.
“If you have a fixed budget, consider a different suburb or type of property. Likewise, if you can afford a little more think about which location and property type is going to give the biggest bang for your buck,” Mr van Horen said.
Low interest rates made buyers consider it a "great time to be investing in property," with 30 per cent of buyers feeling this way.
Planning for retirement was not as high a consideration, yet over one-quarter (27 per cent) of homeowners had already or were going to buy an investment property for this reason.