Westpac targets landlord buyers
Westpac is increasing its focus on landlords as investment properties start to make up a greater proportion of sales.
Friday, September 26th 2014, 12:00AM
by The Landlord
The bank said it had changed its business model after finding that property investors’ share of sales had increased.
The proportion of property sales to landlords has risen from 37% this time last year to 42% last month.
Sales to first-time buyers are dropping, largely as a result of the LVR restrictions. People moving between properties have also been holding back, which some commentators have blamed on the council valuations due out soon.
Westpac said it had responded to the market shift with a new team of investment specialists.
It has developed an online calculator to help investors work out the rental yields and capital gains they could expect over the first year and 30 years of owning a rental property.
It also offers a Property Investor Report, based on weekly rent, giving national and regional overviews of houses and apartments.
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