A growing number of first time buyers are opting to buy an investment property rather than a home to live in, new research has found.
According to data from Mortgage Choice, 40 per cent of first time buyers plan to purchase an investment property as their first home.
In addition, 77 per cent of first time buyers claim making lifestyle sacrifices is necessary in order to turn their dream of home ownership into a reality.
In comparison, 66 per cent of Gen X and baby boomer buyers are prepared to sacrifice their lifestyle in order to save faster.
Mortgage Choice spokesperson Kristy Sheppard said the findings suggest the concept of the ‘Great Australian Dream’ is changing.
“Is the Great Australian Dream still about buying a home, or is it about buying a property in general – whichever type they can afford – or is it simply about investing in an asset they expect to bring in income and/or appreciate in value?,” Ms Sheppard said.