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Due to the challenging landscape of the real estate market in the past year, young Australians have adopted an innovative model known as "rentvesting" – purchasing a property with the primary intention to lease it out. Lendi, a premier home loan service, portrays the quintessential first home buyer as a strategic planner eyeing the long haul rather than a quick move-in.
A deeper dive into Lendi's figures shows an unexpected rise in this behavior across the states, with the renting strategy drawing considerable interest in distinct regions. New South Wales leads the charge where 30% of first-timers are set on becoming landlords, while sunny Queensland and cosmopolitan Victoria follow closely behind, marking a new era for entering the market with investment top of mind.
This method isn't singularly motivated by future gains, but also by a desire to preserve lifestyles, with first-time buyers less willing to compromise on their current living standards. The success of Queensland in the recent year, now being crowned as the favorite among these new buyer-landlords, owes a nod to the state's initiatives like the doubled First Home Buyer grants, fuelling a whopping 45% takeover of new purchases in January 2024.
It seems that banding together is another financial maneuver gaining traction, with Lendi's statistics pointing out that six percent of first home buyers band together, pooling resources by applying in threes or more—presumably to alleviate personal financial burdens. Additionally, the resurging guarantor loan, doubling in uptake last year, champions the collective spirit in property acquisition. Through such means, entrants have skirted around the demand for hefty starting capital, often only necessitating an average of $38,000 if backed by a parent or guardian's equity.
Overall, the emerging investment-focused behavior among new property buyers, combined with savvy pooling of resources and the solid backing of family, sketches the contemporary path many are taking to succeed in the property domain. With states like Queensland setting the benchmark and added impetus from grants and innovative lending solutions, Lendi detects a dramatic renaissance in how Australasians tackle their first foray into the property market.
Published:Sunday, 24th Mar 2024
Source: Paige Estritori
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