There has been a rise in so-called 'grey' investors in the Australian property market as they look at downsizing, purchasing rental units or maximising their equity.
According to RP Data national research director Cameron Kusher, there has been a significant growth of interest from retirees and soon-to-be retirees and this is helping to drive up prices.
"They have re-entered the market in a big way, chasing the types of returns which simply aren’t available currently across other asset classes," Mr Kusher told News.com.au.
One of the growth areas for the grey investors is the purchasing of rental homes to provide income in their retirement. Alternatively, older buyers are looking at ways of reducing their outgoings and are downsizing as their children leave the nest.
However, Real Estate Institute of Australia president Peter Bushby stressed that retirees should make sure they opt for properties that have long-term appeal and should ensure they consider suburbs that have good transport links and consistent demand.
Posted by Steve Douglas.
