31 August 2006

Blue collar workers boost investment property run in Australia

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Blue collar workers have helped boost the number of Australians planning to buy investment property in the next year, according to Wizard Home Loans and Australia News.

The non-bank lender said according to its research, the number of those planning to buy investment property jumped by 11 per cent to 608,000 in the June 2006 quarter.

Wizard said the rise was centred around Western Australia and Queensland, where the number of people intending to invest in the next 12 months jumped by 129 per cent and 20 per cent respectively.

"What is interesting is that this growth of would-be investors is not coming from traditional quarters with further evidence of the effects of the resources boom found by looking at the occupational groups of tomorrow's property investors," chairman Mark Bouris said.

Mr Bouris said the growth in investment intentions came from blue-collar occupations, with trades, labourers and related occupations increasing to 118,000, from 72,000.

"While these occupations are traditionally associated with lower incomes, labour and skills shortages have boosted the incomes of many blue-collar workers," he said.

While professionals are still the largest occupational group among tomorrow's property investors, Mr Bouris said their dominance has faded significantly, recording a second consecutive quarter of decline from 176,000 to 148,000.

In Victoria and New South Wales, property investment intentions were relatively steady, rising 3 per cent and falling 2 per cent, respectively.

But in South Australia and the Northern Territories intentions to buy slid 49 per cent.

Wizard's Tomorrow's Property Investors series began in June 2002 and is conducted by Nielsen Media Research, with findings based on interviews with over 6000 people.

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