Of the 20% of landlords on its books that own rental property outside of their home state, 51% had a brick and mortar investment in Queensland. Next up was Victoria (14%), followed by New South Wales (12%), and South Australia (11%). The ACT and Tasmania brought up the rear with 2% each, followed by the Northern Territory (3%) and Western Australia (5%).
“With Queensland the preferred destination for interstate property investment, this research seems to be pointing them towards the sunshine state,” says Terri Scheer Insurance manager, Carolyn Majda.
“They might also be investing in property they can rent now and holiday in or retire to later.”
And while interstate property investors were reluctant to buy in the ACT or Tasmania, landlords based in these two regions were the most likely to look elsewhere for their rental property purchase.
According to the Terri Scheer Insurance figures, 57% of Canberra’s property investors own a rental property outside of their home turf, while 50% of Tasmanian landlords chose to buy on the mainland.
Next up were landlords in the Northern Territory (39%), New South Wales (28%), Western Australia (27%) and Victoria (23%).
Queenslanders (9%) and South Australians (10%) were the least likely to invest in property interstate.
“While it’s difficult to gauge this from the figures, it’s possible that some people are moving interstate for work and lifestyle reasons but keeping their existing properties to generate rental income or in case they intend to return,” says Majda.
Source : Your Investment Property (24 August 2011)