MULTIHOUSING RESEARCH & CONSULTING - TENANT & INVESTOR SURVEY 2018 - Knight Frank
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RESEARCH & CONSULTING MULTIHOUSING TENANT & INVESTOR SURVEY 2018 AUSTRALIA’S RENTAL SECTOR: TRENDS, OPPORTUNITIES AND DRIVERS
MULTIHOUSING 2018 RESEARCH
HIGHLIGHTS MULTIHOUSING
Growth in the number of rented dwellings and increasing longer stay in the rented sector as they save As the residential investment sector in
for a deposit. Australia ripens, investors, developers and
residential property prices has seen the value of the Australian
60%
Home ownership is becoming operators will be keen to knowledge share
increasingly unaffordable for a rental sector soar by $770 billion over the past five years. The total Knight Frank expects the demand for
from markets with established Multihousing
growing share of the population rented properties to continue to grow, at
value of Australian residential dwellings is estimated to be $6.9 the continued expense of those that own
platforms. The US and UK are notable
despite historically low interest examples of where large-scale investment
rates for home loans.
trillion, broadly valuing rental accommodation at $2.1 trillion. their own property outright. Official ABS
household projections show approximately into BTR or Multihousing has thrust the
860,000 new households being created sector into a mature and desirable asset
The growth of iGENs and Surging demand for common across Australia over the past
five years.
between 2016 and 2021. Over this period class albeit relatively low yielding. Investors of our survey
in Australia believe net yields for this type of respondents rent from
Millennials who are opting to
rental housing the number of lone person households is
rental accommodation could settle around
rent instead of buy is increasing, Lower interest rates and the rise of interest forecast to expand their share of the total an individual landlord,
attracted to the flexibility The number of households living in a rented only mortgages, coupled with a greater dwelling stock by 0.4% at the expense of 4% by 2021.
highlighting the
associated with renting. dwelling across Australia has increased awareness of negative gearing tax policies family households. According to the Knight
by 1.065 million over the past 25 years, Frank Tenure Distribution Model, the rise
Leveraging off global expertise, Knight fragmented nature
has made investment into residential
the equivalent to roughly 42,600 new property more appealing to “mum and dad” in rented households over the same time
Frank Australia is building on its market- of Australia’s private
leading global presence. Following the
Counter cyclical nature of
rented dwellings per year. In comparison, landlords or investors. The development period could be 340,000, or an additional rental sector.
rental demand and the search success of the UK Tenant Survey, which
the number of households who own their of large scale apartment projects, at 68,000 rented households per year.
for higher yielding investments engaged more than 10,200 tenants living
dwelling outright has increased by less historically elevated levels, has also made in the private rented sector, Knight Frank
with a secure long-term income
stream is attracting institutional
than 270,000 over the same period. the entry into the investor and landlord The rise of investors Australia and YouGov collaborated to
space simpler.
investors into providing rental The proportion of households in the rental and professional survey over 1,500 tenants living in rental
accommodation across Australia.
a home, but also to drill down below the
accommodation at scale. sector now equals the number of dwellings Along with supply side generators, demand
which are owned outright (31%). In 1991, drivers have also impacted the growth of landlords This data not only allows us to share the
headline findings, pinpointing tenant groups
and identifying their particular priorities
the disparity between the two occupancy the rental sector. Net Overseas Migration As a sector, the market for rented most up-to-date headline trends on the – helping inform the market on a more
Significant hurdles need to types was vast, with 41% of all households across Australia has been at record highs, accommodation is changing. Individual key priorities for tenants when looking for localised basis.
be passed before the owned outright compared with just 27% of resulting in an increase of 1.1 million new investors are now finding it less appealing
development of a Build-to-Rent households being in a rented dwelling. residents over the past five years. (reduced tax incentives and forecast lower
(BTR) sector accelerates.
The growth in rented dwellings has There is also an increasing desire from returns) and harder to purchase a residential WHERE WILL NET BTR YIELDS BE IN 2021?
accelerated over the past five years, younger workers to be mobile, a cohort property for investment due to restrictions Results based on a survey of 10 major investors or operators
Identifying and researching the who takes advantage of the flexibility of on lending. Over the next decade we
with the 2016 ABS Census recording
location, design, specification, expect the emergence of Build-to-Rent
a compound increase of 52,770 new renting allowing them to move between
amenity and unit mix will be (BTR) or Multihousing – professionally
rented dwellings per year since 2011, locations, without the costs associated with
important to maximise efficiency and managed rental accommodation in purpose
outstripping the formation of households buying or selling. Affordability constraints
returns in new BTR developments. built blocks – to lead and accelerate the
which are either owned outright or with a in the sales market, as five year national
growth and delivery of rented dwellings,
mortgage (44,670 combined per annum). dwelling price growth reached 37% at last DARWIN
financed by institutional capital which takes
These figures highlight wider demographic count, is also curtailing some tenants’ plans 6.35%
a longer term view on its investment return.
and economic trends which have become for purchasing a dwelling, resulting in a
Those exploring entering the sector
identify planning policy as one of the
Rented Households, Australia (% of total) biggest hurdles for the emergence of
Five year ABS Census intervals a Multihousing sector at present. Land
supply is seen as another key hurdle,
50% especially in Sydney and Melbourne.
OWNED OUTRIGHT OWNED WITH A MORTGAGE RENTED PROJECTION However, issues relating to tax currently BRISBANE
45% appear to be the major obstacle with State 4.75%
% of all households
Governments and the Australian Tax Office PERTH
40%
investigating ways of levelling the playing 5.35%
35% field to be more in line with Build-to-Sell or ADELAIDE SYDNEY
CANBERRA
commercial investments. 5.35% 4.85% 3.95%
30%
Already the NSW government has
established a working group across a MELBOURNE
25% ADELAIDE
4.00%
20%
number of Government departments to 5.35%
1991 1996 2001 2006 2011 2016 2021 2026 assess the viability of the Multihousing
sector in the hope of unlocking the sectors
PAUL SAVITZ Source: Knight Frank Research, ABS
potential to bring forward development and
Director, Research & Consulting Projections based on assumptions and modelling of take up of new residential stock by investor purchasers and demographic changes deliver much needed housing. Source: Knight Frank Research 2018 Investor Survey
BRISBANE
2 4.75% 3MULTIHOUSING 2018 RESEARCH
TENANT SURVEY 2018 TENANCIES RENTAL PRIORITIES TRANSPORT
Some 1,500 tenants across Australia responded to the Tenant Survey, conducted for Knight Frank by YouGov. How long have you been living Key priority when choosing a location? Key priority when choosing a property Main mode of transport
The size of the Knight Frank survey resulted in a close correlation between the market as seen in the ABS Census, and in this property? Continuing the theme of the survey’s results affordability is the key priority of Australian renters appear price sensitive with almost The car is the dominant form of transport for most Australians, emphasised by 61%
the characteristics of the respondents. However, where appropriate, the data has been weighted to better reflect the renters across all states and amongst all age groups. However, there are three quarters (73%) of those surveyed suggesting that of all respondents stating that the car was their main mode of transport for a daily
current make-up of the private rented sector. differences between age groups. The younger population (34 and under) see price is the most important aspect when choosing a journey to either work or a place of study. This figure increases to 69% in
33% affordability as less important (46%) than older renters (61%), but see property, reaffirming concerns over rental affordability Queensland, but drops to 51% across New South Wales and 52% across
Knight Frank analysis of the survey highlights the key characteristics and priorities for tenants across the country. transport of a greater concern than renters aged over 34. For those under 34 and rising living costs. Victoria, due to the greater accessibility to rail within the main urban metropolitan
30% cite the proximity to transport links or the ease of the commute to work as a areas of these two states. This trend reverses in Queensland with only 5% relying
The old adage of location, location, location also rings
factor when looking at an area, compared with 20% for those aged over 34. on rail, but a larger 14% of renters using the bus as their main form of transport.
23% true with renters placing location at a higher level of
importance (18%) than the size of property (9%) itself.
RENTING It is more affordable than
owning/ paying mortgage
16%
61%
13%
Why are you renting? I/ we are still 9%
51%
Nationally only 41% of renters are in the
I/ we can afford to
buy a property now, saving for a
7% NSW
73%
deposit to buy
sector through choice, be it not coveting the but cannot find an
a property UP TO 1-2 2-3 3-4 4-5 5+
46%
appropriate property
responsibility of owning a home, or not to buy
A YEAR YEARS YEARS YEARS YEARS YEARS
RENT WITHIN 19% 13% 11%
wanting to be stuck in one location or MY BUDGET
Security of tenure is a major concern for renters
preferring the flexibility of mobility. The
with the constant threat of forced relocations if 30%
remaining 59% are in the sector due to issues
surrounding affordability.
your landlord decides to sell their investment 52%
property. Our survey shows that 51% of
By age group there are marked differences,
I need the It allows me to renters have lived at their current address for
20%
18% VIC
33% of renters aged 25-34 stated that they flexibility because live in an area more than two years, with nearly a quarter living LOCATION 24% 6% 8%
were in the sector because they were still of my work where I could there for more than five years. OF PROPERTY
saving for a deposit to buy a property. arrangements not afford to
6% 6% 5% 6%
However, for those aged 50+ renting was a 5% own/ buy A professionally owned and operated
Build-to-Rent or Multihousing sector can
3% 5%
more affordable option than owning or paying 10%
a mortgage for 35% of all respondents. 15% provide that security of tenure for those looking
25%
20% to rent long term, as the accommodation is held
by investors backed by long term capital. 9%
SIZE OF
69% 5% 14% 5%
30%
Affordable Good transport
links
Close to network
(friends & family)
Access to
green space
Good schools
PROPERTY QLD
Who is renting? I don’t want to be
35%
I don’t want the Net monthly household income 5% Other over 34 | 8% Other 34 and under
The dominant household type within the private
stuck in one location responsibility of
owning a home Our survey shows that a large share of
rented sector is couples living without children, Australian iGENs, Soloists and Nesters, all
however, slight differences are apparent between I/ we are downsizing due tenant groups identified by a similar preference CAR TRAIN BUS WALK
the Eastern Seaboard and the rest of Australia to life events/ changes in of occupying a one bedroom apartment, have a
All ages
(28% vs 26%). Nationally, those living on their household composition net household income of between $1,500
own follows at 25%, but represents a smaller
25-34 Rental payments as % of net income UR - 1.5 HOU
and $3,000 per month. Out of the three, 1 HO UTES - 1 RS
Other: 6% NSW | 10% VIC | 7% QLD
50+
proportion than the percentage of households NSW has the highest property prices and most expensive rents across M IN HOU
Nesters (millennials to forty something couples) 45 R
with dependent children at 31%. have a higher average income. Australia and with that 73% of all renters allocate more than 30% - 45 MIN UTE
30 S
(government rental stress levels) of their net monthly income on rent.
14% 29% 23% 17% 7% 7% 3% This figure drops to 67% nationally (ex. NSW) reflecting relatively more
EASTERN REST OF affordable pricing. - 30 MINUTE
SEABOARD AUSTRALIA 15 S
Average commuting time
28% 26%
Couple without
dependent child(ren) In three years’ 15 MIN HOUR
- 1.5 HOU
10% Across Australia 63% of renters surveyed live within a 30 minute415 MINUTES - 1 HOUSR
R
QLD NSW SA VIC WA NATIONAL time… NSW O
Up to 20%
UP T
UT
% of respondents % of respondents % of respondents % of respondents % of respondents % of respondents
24% 25%
Single person household NATIONAL (EX NSW) commute of their place of work or study. 45 MINUTES
without dependent child(ren)
13% UR - 1.5 HOU
1 HO UTES - 1 RS
30 -
ES
With affordability and IN HOU
33% 35% 36% 39% 41% 36% 5M
Proportion of net income used for rent
Underlining the importance to iGEN renters of- living
4 in central
R
- 30 MINUTES
lifestyle key considerations 17% 45 MINUTES
21% 20%
Couple with 30 15
dependent child(ren) 20-30% and/or well connected locations, 75% live within 1km of a public
amongst renters, the 20% transport stop or station. This falls to 61% for
15 MIN
UP TO 15 MINUTES 30% - 3families
0 MINUTE who prefer O
majority (64%) of tenants 15 S
UP T
UT
9% 8%
Mixed household without more suburban locations and have a greater reliance on the car
ES
shared income (e.g. a flatshare) surveyed expect to be
30-40%
18% 15 - 30 MINUTES O
15 MIN
for transport.
16% 33%
UP T
UT
living in private rented UP TO 15 MINUTES 30%
ES
8% 11% Single person household with
dependent child(ren) accommodation in three 30 - 45 MINUTES
22% 45 MINUTES - 1 HOUR
15 - 30 MINUTES
33%
67% 65% 64% 61% 59% 64% years’ time, and this is UP TO 15 MINUTES 30 - 45 MINUTES 30%
40-50%
Other: 11% Eastern Seaboard | 11% Rest of Australia consistent across states. 20% 18% 15 - 30 MINUTES 45 MINUTES - 1 HOUR
33% 18%
Up to
$1,500
$1,500 to $3,000 to $4,500 to
$3,000 $4,500 $6,000
$6,000 to
$7,500
$7,500 to
$9,000
$9,000 to
$10,500 1 HOUR - 1.5 HOURS 30 - 45 MINUTES 1 HOUR - 1.5 HOURS
11%
I expect to live in a home I own in three years’ time Monthly net income, iGENS, Soloists, Nesters 34% 11% 45 MINUTES - 1 HOUR 3% more than 1.5 hours 5%
I expect to continue to rent in three years’ time 51%+ 3% more than 1.5 hours 5% 1 HOUR - 1.5 HOURS
18%
National median monthly net household income c. $4,050 31% 3% more than 1.5 hours
11%
5%
44 55 6MULTIHOUSING 2018 RESIDENTIAL RESEARCH
MEET THE TENANTS GETTING TO KNOW THE TENANTS
The provision of amenity space or added facilities within a building allows for the differentiation of product The Knight Frank survey identifies the main types of tenant living within the private rented sector and their rental preferences.
amongst those developing housing specifically for rent, and decreases occupancy risk if done well. Across These groups, based on socio-demographic characteristics, present insights into current and future choices.
Australia almost half of all respondents would pay a premium for air conditioning. Knowing your target market
will increase occupancy and provide an opportunity to charge above market rents, as certain amenities or
facilities are more important to some groups than others. ACTIVE LIVING BABY
iGENS NESTERS SOLOISTS SHARERS FAMILIES SOLOISTS COUPLES BOOMERS
Early twenty-somethings about to Millenials to forty-something A flat of one’s own from millienial Millenials to forty-somethings Young families, usually Families with dependent Longer-term renters, usually in employment Retired people living
graduate or in first job, urban living couples, urban living to forty-something, usually city living sharing with friends with dependent children or non-dependent children in the rented sector
WOULD YOU BE WILLING TO PAY A HIGHER RENT FOR...
ALL UNDER 40 OVER 40
42% 53% 35%
Reverse cycle air 1. En-suite bathroom 1. Reverse cycle air AGE AGE AGE AGE AGE AGE AGE AGE AGE
conditioning for each bedroom conditioning UNDER 35 OVER 35 50-64 50-64 OVER 65
UNDER 25 25-49 25-49 25-49
38% 50% 30% NET MONTHLY INCOME NET MONTHLY INCOME
En-suite bathroom Reverse cycle air Permission to NET MONTHLY INCOME NET MONTHLY INCOME NET MONTHLY INCOME NET MONTHLY INCOME NET MONTHLY INCOME NET MONTHLY INCOME NET MONTHLY INCOME
2. 2.
for each bedroom conditioning have pet(s) ALLOCATED FOR RENT ALLOCATED FOR RENT ALLOCATED FOR RENT ALLOCATED FOR RENT ALLOCATED FOR RENT ALLOCATED FOR RENT ALLOCATED FOR RENT ALLOCATED FOR RENT ALLOCATED FOR RENT
>50% >50% >50% >50% >50% >50% >50% >50% >50%
36% 47% 27% CURRENT PROPERTY SIZE CURRENT PROPERTY SIZE CURRENT PROPERTY SIZE CURRENT PROPERTY SIZE CURRENT PROPERTY SIZE CURRENT PROPERTY SIZE CURRENT PROPERTY SIZE CURRENT PROPERTY SIZE CURRENT PROPERTY SIZE
Permission to 3. Swimming 3. En-suite bathroom
have pet(s) Pool for each bedroom 25% 2 BED 50% 3 BED 43% 3 BED 35% 2 BED 63% 3 BED 53% 3 BED 52% 2 BED 62% 3 BED 33% 3 BED
22% 3 BED 21% 2 BED 31% 2 BED 30% 3 BED 12% 2 BED 9% 2 BED 20% 3 BED 13% 2 BED 26% 2 BED
22% BEDROOM ONLY 8% 1 BED 6% 1 BED 22% BEDROOM ONLY 14% 1 BED
35% 46% 25%
Swimming 4. Weekly 4. Swimming
Pool Cleaning Pool PRIMARY REASONS PRIMARY REASONS PRIMARY REASONS PRIMARY REASONS PRIMARY REASONS PRIMARY REASONS PRIMARY REASONS PRIMARY REASONS PRIMARY REASONS
FOR RENTING FOR RENTING FOR RENTING FOR RENTING FOR RENTING FOR RENTING FOR RENTING FOR RENTING FOR RENTING
34% 46% 25%
31% 23% 25% 26% 33% 24% 44% 33% 28%
High end ALLOWS THEM TO ALLOWS THEM TO SAVING FOR MORE AFFORDABLE SAVING FOR MORE AFFORDABLE MORE AFFORDABLE MORE AFFORDABLE MORE AFFORDABLE
Weekly 5. 5. Dedicated secure LIVE IN AN AREA TOO LIVE IN AN AREA TOO A DEPOSIT THAN OWNING/PAYING A DEPOSIT THAN OWNING/PAYING THAN OWNING/PAYING THAN OWNING/PAYING THAN OWNING/PAYING
modern kitchen
Cleaning appliances parking space EXPENSIVE TO BUY EXPENSIVE TO BUY A MORTGAGE A MORTGAGE A MORTGAGE A MORTGAGE A MORTGAGE
33% 45% 24% 19% 15% 22% 13% 12% 11% 24% 13% 14%
6. 6. SAVING FOR SAVING FOR MORE AFFORDABLE SAVING FOR MORE AFFORDABLE SAVING FOR ALLOWS THEM TO ALLOWS THEM TO ALLOWS THEM TO
Dedicated secure Permission to Weekly
parking space have pet(s) Cleaning A DEPOSIT A DEPOSIT THAN OWNING/PAYING A DEPOSIT THAN OWNING/PAYING A DEPOSIT LIVE IN AN AREA TOO LIVE IN AN AREA TOO LIVE IN AN AREA TOO
A MORTGAGE A MORTGAGE EXPENSIVE TO BUY EXPENSIVE TO BUY EXPENSIVE TO BUY
31% 43% 20%
High end 7. 7. WOULD CONSIDER PAYING A WOULD CONSIDER PAYING A WOULD CONSIDER PAYING A WOULD CONSIDER PAYING A WOULD CONSIDER PAYING A WOULD CONSIDER PAYING A WOULD CONSIDER PAYING A WOULD CONSIDER PAYING A WOULD CONSIDER PAYING A
modern kitchen Dedicated secure Fully
parking space Furnished RENTAL PREMIUM FOR RENTAL PREMIUM FOR RENTAL PREMIUM FOR RENTAL PREMIUM FOR RENTAL PREMIUM FOR RENTAL PREMIUM FOR RENTAL PREMIUM FOR RENTAL PREMIUM FOR RENTAL PREMIUM FOR
appliances SWIMMING POOL REVERSE CYCLE AIR CON REVERSE CYCLE AIR CON EN-SUITE BATHROOM FOR REVERSE CYCLE AIR CON REVERSE CYCLE AIR CON REVERSE CYCLE AIR CON REVERSE CYCLE AIR CON REVERSE CYCLE AIR CON
29% 41% 19% 75% 50% 37% EACH BEDROOM
52%
48% 51% 36% 42% 35%
8. 8. High end
Fully Walk in SECOND PRIORITY SECOND PRIORITY SECOND PRIORITY SECOND PRIORITY SECOND PRIORITY SECOND PRIORITY SECOND PRIORITY SECOND PRIORITY
modern kitchen
Furnished wardrobes DEDICATED SECURE EN-SUITE BATHROOM FOR SWIMMING POOL SECOND PRIORITY WEEKLY CLEANING WEEKLY CLEANING PERMISSION TO PERMISSION TO PERMISSION TO
appliances
PARKING SPACE EACH BEDROOM 37% SWIMMING POOL 41% 51% HAVE PETS HAVE PETS HAVE PETS
27% 9. 40% 9. 16% 72% 46% 43% 33% 38% 33%
Walk in Fully Walk in
IN THREE YEARS’ TIME, IN THREE YEARS’ TIME, IN THREE YEARS’ TIME, IN THREE YEARS’ TIME, IN THREE YEARS’ TIME, IN THREE YEARS’ TIME, IN THREE YEARS’ TIME, IN THREE YEARS’ TIME, IN THREE YEARS’ TIME,
wardrobes Furnished wardrobes
WILL YOU BE RENTING? WILL YOU BE RENTING? WILL YOU BE RENTING? WILL YOU BE RENTING? WILL YOU BE RENTING? WILL YOU BE RENTING? WILL YOU BE RENTING? WILL YOU BE RENTING? WILL YOU BE RENTING?
26% 10. 40% 10. 15% YES: YES: YES:
Gym on site Gym on site GP Surgery YES: YES: YES: 63% 84% YES: 84%
63% YES: 56% YES:
48% 48% 47% 62%
7 8 9INVESTOR SURVEY FINDINGS
RESEARCH & CONSULTING
Paul Savitz
Director
+61 2 9036 6811
On 15 September 2017, Treasury Our insight spans the thoughts of
Paul.Savitz@au.knightfrank.com
released draft legislation aimed at super funds, listed real estate groups,
increasing the supply of ‘affordable privately owned property companies and Ben Burston
Group Director
housing’ in Australia. These measures international operators, who aspire to
+61 2 9036 6631
were previously announced in the commit upwards of $200 million to over Ben.Burston@au.knightfrank.com
2017-18 Federal Budget, and include an $1 billion each to BTR in Australia over
increased CGT discount for Australian the next five years. Extrapolating this RESIDENTIAL RESEARCH
resident individuals investing in investment level out to include all groups Michelle Ciesielski
affordable housing and the introduction which have shown an initial interest in Director
of an Affordable Housing Managed BTR would mean a potential sector worth +61 2 9036 6659
Investment Trust (MIT), but excludes upwards of $12 billion within 10 years, if Michelle.Ciesielski@au.knightfrank.com
long-term residential rental products like hurdles could be lowered.
RESIDENTIAL CAPITAL MARKETS
the emerging BTR sector.
This is a new real estate asset class Tim Holtsbaum
which would provide not just housing, but Director, Australia
Market hurdles jobs and economic prosperity. It is clear +61 2 9036 6615
from our Survey that the initial interest Tim.Holtsbaum@au.knightfrank.com
Knight Frank spoke to 10 major investors
in the sector will be weighted towards James Mannix
and operators who have publicly
Sydney and Melbourne. Head of Residential Capital Markets, UK
expressed an interest in developing a +44 20 7861 5412
BTR portfolio in Australia. The survey “To reach its potential the sector James.Mannix@knightfrank.com
provides a snapshot and reflects on the will require assistance from Nick Pleydell-Bouverie
state of the market. Government to stimulate and Partner, UK
All groups responded that the draft encourage early investors to +44 20 7861 5256
legislation requires clarification, and that take a risk on a new sector.” Nick.Pleydell.Bouverie@knightfrank.com
current or even future government policy RESIDENTIAL
But government support is still crucial
was a major threat to their business
in accelerating activity within the sector, Sarah Harding
strategy. Land supply and planning policy Head Of Residential
as in its current form returns for most
are seen as other key hurdles reiterating +61 2 9036 6752
investors is below the required rate for
frustrations felt across the wider Sarah.Harding@au.knightfrank.com
the level of risk involved. These large
development sector.
scale investors are looking for the long VALUATIONS & ADVISORY
“Federal, state & local Council term in respect to BTR investments. David Castles
policies are stifling the Over 60% of our survey responders National Director
establishment of the sector.” said they intend to hold their Australian +61 2 9036 6648
assets for more than 10 years, with 80% David.Castles@au.knightfrank.com
“GST is a large hurdle, as of groups letting and managing via their
well as planning legislation own in-house platform.
in various jurisdictions.”
Although BTR is an extremely niche Knight Frank Research provides strategic advice,
consultancy services and forecasting to a wide range
Investment is ready immature market, optimism surrounds of clients worldwide including developers, investors,
our survey. Assuming the economy funding organisations, corporate institutions and the
public sector. All our clients recognise the need for expert
If not for the sectors hurdles it is performs in line with market expectations, independent advice customised to their specific needs.
evident from the responses that total investors see net yields settling between All figures, unless otherwise stated, are from YouGov
Plc. Total sample size was 1,502 adults. Fieldwork was
investment and growth of the sector 3.95% in Sydney, 4.00% in Melbourne undertaken during November 2017. The survey was
could be significant. Raising capital is not and 4.75% in Brisbane by 2021 for a carried out online.
considered an impediment to progress, stabilised asset. This compares to an
and is not a barrier to the evolution of BTR average 5.20% across Canberra, Perth
in Australia as an alternative asset class. and Adelaide.
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