Principals make list

Medics lead investors

AUSTRALIA’S top property investors by occupation have been revealed, with a surprising inclusion in the top 10.

School principals are outstanding in the national field, with data from the Australian Taxation Office showing more than a third of school top dogs earn income as a landlord.

Surgeons were the most prolific investors, with nearly half – a whopping 1788 – of the nation’s surgeons reporting rental income to the ATO.

Anaesthetists, internal medicine specialists, psychiatrists and dental practitioners rounded out the top five investor occupations, with school principals coming in at No.6 with more than 4000 individuals, or 34 per cent, owning a rental property.

Mortgage broker and Mario Borg Buyer’s Agents boss Mario Borg said school principal clients often sought a form of passive income as they neared retirement.

“Once their career has passed its peak, one way to earn an extra income is to invest in property, which has a proven history of providing ongoing passive income when you’re in your retirement years,” Mr Borg said.

“Principals I dealt with were generally in their late 40s and early 50s and were starting to plan their retirement but their super wasn’t going to be enough.”

He was unsurprised to see medical professionals ranked highly. “They’re driven by reducing their tax, which is one of the reasons they invest … they also tend to be time-poor which means they tend to engage buyer’s agents for help with sourcing properties.”

A number of banks also waive lender’s mortgage insurance (LMI) fees for medical professionals, and some even for accountants and mining executives. Medical professionals may even receive lower interest rates.

The Investors Agency director Darren Venter noted these discounts and exemptions were a significant factor contributing to the high number of property investors working in medical fields.