A survey of 1,000 people by ING Direct has found more Gen Y (typically between 18 and 34 years old) were investing in property than those in Generation X (35 to 49 year olds) and Baby Boomers (50-64 year olds).

It found 22% of Gen Y owned at least one investment property followed by Gen X (20 %) and Baby Boomers (19%).

The highest concentration of Gen Y investors can be found in Victoria, where 29% own an investment property, followed by 21% in New South Wales.

Across the whole population about one in five Australians own an investment property.

Investors Return to Property

Despite tougher lending conditions imposed by Australia’s banking regulator, APRA, the value of home loans grew 4.6% to $12.4 billion in September, according to the ABS.

It was the sixth month in the past eight that the value of investor lending increased, reflecting the largest monthly total in dollar terms since August last year.

Compared to the levels of a year earlier, the dollar value of lending rose 9.5%, the first year-on-year increase since July last year.

According to private sector credit figures released by the RBA last month, the value of outstanding loans to housing investors has risen 4.8% in the 12 months to September.

This article is courtesy of Hotspotting.