A very interesting article here by Commonwealth Bank which notes that millennials born between early 1980s and mid 1990s are the most active property investors - https://www.commbank.com.au/articles/newsroom/2024/04/Millennials-active-property-investors.html.
Highlights are:
* 46% of Commonwealth Bank's new property investors in 2023 were made up of Gen-Y (millennials).
* 37% of Commonwealth Bank's new property investors in 2023 were made up of Gen-X (those born 1965-1980).
* Average age of property investors was 43 years old.
* Average size of each loan was $500,000.
Many are opting to buy properties alone, and there is a trend towards 'rentvesting'.
The top postcodes for new property investing during 2023 were:
* Sydney CBD area (postcode 2000)
* West Melbourne area (postcode 3029)
* North West Sydney suburbs (postcodes 2755 and 2155)
* North Melbourne area (postcode 3064)
Interestingly, if we run the vendor discount report for these 4 suburbs for 2023, properties in these areas sold for a premium (see below). This is indicated by the negative vendor discount rates over this period - e.g. houses in Craigieburn VIC 2064 sold for 18% above their listed price. This indicates high demand in these suburbs during 2023.
