Investors could stand to earn significant returns on their Sydney portfolios, with the latest Bankwest First Time Buyer Deposit report highlighting that the current market takes first time buyers almost seven years to save up for their initial home loan deposit.
With these figures making it difficult for buyers to make their first move into the market, the potential for increasing demand for rental real estate in Carlton could be good news for investors in the New South Wales capital.
Bankwest Head of Specialist Banking Ian Rakhit said that the explosive population growth coupled with the rising strength of the market has pushed Sydney's property values extremely high. To purchase a median priced home, the deposit needed has been recorded at $165,100 – a significant amount for first home buyers to put aside. But the growing potential for investors to create a rental portfolio is there.
Over the last year, property values in Sydney have risen by 15.4 per cent, with a huge 42.9 per cent growth recorded over the last five years. As these figures continue to rise – stimulated by low interest rates nationwide – the need for rental properties across the market could also be increasing.
Get in touch with a local real estate agent to discuss the investment options available to you.