Property maintains its allure

29th August 2006

Australians haven't turned their backs on bricks and mortar, according to a survey that finds almost 50 per cent of Australians either own or are considering buying an investment property in the next 10 years.

The Institute of Chartered Accountants surveyed more than 1100 people and concluded that:

20 per cent of Australians already own an investment property;

29 per cent are likely to consider buying an investment property in the next 10 years; and

49 per cent are unlikely to consider buying an investment property in the next 10 years.

The survey shows property hasn't lost its lustre, says Hugh Elvy, the institute's manager for financial planning and superannuation.

"The survey found that owning an investment property is still a popular investment amongst Australians," Elvy says.

"In many ways property is more tangible and understandable than other investments and with many Australians having experienced their own home increase in value, an investment property is still considered an attractive investment."

Tasmanians are the most property-mad in the country, with 52 per cent of Island State residents considering an investment in the next 10 years.

Queenslanders are also keen on bricks and mortar, with 42 per cent likely to consider a purchase.

 

© Australian Property Investor magazine - www.apimagazine.com.au. Reproduced with permission. To subscribe to API, go to www.apimagazine.com.au or pick up a copy from your local newsagent.

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