A recently released 2015 Domain Consumer Insights Study suggests that investing in property is a pastime of Australians of all ages.
One in five Australians own investment properties and while many might assume that the majority of investors who make up this statistic are baby boomers, this couldn’t be more untrue.
The Domain report found that the number of Generation Y’s who own multiple investment properties is now on par with Baby Boomers. 16 per cent of Generation Y’s own two or more properties compared with 17 per cent for both Baby Boomers and Generation X’s.
The report also found that the age Australian’s are buying investment properties is getting younger, with the average age of investor purchasers sitting at thirty four years of age.
While this is the average, those Generation Y investors who become investment property owners generally do so at the young age of just twenty five. The average age for purchasing an investment property for those who belong to the Generation X category is thirty five years, while for Baby Boomers the average age that they became property investors was forty five.
However, the report shows that a significant number of Generation Y’s are still living at home with Mum and Dad, with 26 per cent of those who fall into this category living at home.
Future investment in property also looks set to have a bright forecast, as almost half of those planning to invest over the next three years will be first time investors purchasing for the first time.
With such significant numbers purchasing or planning to purchase an investment property, it will become even more important for investors to take advantage of the tax depreciation benefits available from these properties.
80 per cent of investors still fail to claim the maximum depreciation deductions for their investment property. Yet it is as simple as obtaining a comprehensive depreciation schedule outlining the available deductions to make sure all the benefits from a property are received come tax time.
Investors who would like more information about the depreciation deductions available in their property can speak to one of BMT’s expert staff on 1300 728 726 or they can request a quote online.
To read a press release from Domain about the study and download their full fact sheet visit: