Rental market occupation begins shifting towards Generation Y
Purchasing investment properties in Sydney's Inner West real estate market could be a potentially lucrative avenue for smart buyers to supplement their wealth and prepare themselves for the future.
With an emphasis on lifestyle, living and leisure, the suburbs of Balmain, Rozelle, Lilyfield and the various others throughout the area are home to a number of different cafes, restaurants and amenities that could be a fantastic drawing card for renters.
This is reinforced by the latest release from the Australian Property Investor magazine, which has indicated that Generation Y is fast becoming the dominate group represented in the rental market.
With a 30 per cent share in the market, the younger generation could be the perfect group to target with your investment properties. This is because, according to SQM Research founder Louis Christopher, they are the fastest growing household across the country.
"Partly it’s generation Y delaying having kids until they’re in their 30s, so there’s now an extra decade where a couple doesn’t have children compared to older generations - and those young people are more likely to rent," said Mr Christopher in a September 23 statement.
Amenities and the location of a property is the largest drawing card for this generation, who place more value on lifestyle choices and their ability to remain fluid and free, which could be perfect for any property investors purchasing Balmain property or real estate in any of the surrounding, trending suburbs.
Furthermore, the release highlighted that most Gen Y renters will change houses every 18 months. By purchasing a property in the right area, you could help to keep the property consistently full, helping you to achieve a constant income.
If this sounds like a viable option, researching the local market area could yield some fantastic results. Likewise, getting in contact with a real estate agent who operates in the region will give you the insider insight into lucrative neighbourhoods.
