Source: The Chronicle
Investors are exiting the residential real estate sector at a faster rate than a year ago, new research by Property Investment Professionals of Australia has found.
PIPA's 10th annual investor sentiment survey found 14.1 per cent had sold at least one property in the past year, up from 12.1 per cent previously, and the majority went to existing owner-occupiers and first home buyers.
PIPA chair Nicola McDougall said investors were still buying rental properties, "but not at the rate that is needed to replace those that have been lost nor to keep up with the rental hosing needs of our soaring population".
"Fewer and fewer rental properties are available to lease by tenants," she said.
PIPA's survey found that Victoria was the least accommodating state or territory for property investors, but the depressed Melbourne market offered the best prospects of future capital growth.
