Find out the primary reasons for letting a property go…
Crockers Property Management and Tony Alexander (pictured), an independent economist, have compiled the latest monthly Investor Insight survey. It shows that, for the month of December 2023, there was an increase in the number of existing investors now saying they plan to reduce their property portfolio by selling.
A net 14% of investors are planning to sell their properties, the largest result the survey has ever received. Most of the respondents are contemplating selling to fund retirement. In addition, from 24% in October and 20% in November, only 19% of investors said they will buy another property in the next 12 months in the December survey.
The majority of landlords (87%) are also considering raising their rents in the coming 12 months. Investors are seeking an average rent rise of 5.8% with no uptrend as yet despite soaring concerns about costs, such as council rates and insurance maintenance, according to recent investor insights.
Meanwhile, there are still more than half (57%) of investors planning to hold their properties for at least 10 years or to never sell.
Among investors considering purchasing a property in the next 12 months, the preference is always for a standalone house, may it be new or existing. The analysts also said there is little interest in either a new townhouse or an apartment.
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