Millennials and Gen X were behind more than half of property investment purchases in the past year, according to a new analysis by the Commonwealth Bank.

It says 46% of new property investors in 2023 were millennials (born between 1981 and 1996) followed by Gen X (born between 1965 and 1980) who accounted for 37% of all new investment property purchases.

It says the typical property investor is now 43 years old with an average loan size of just over $500,000.

Commonwealth Bank executive general manager of Home Buying, Michael Baumann says about one-third of millennial property investors bought on their own.

Baumann believes a percentage of these buyers are “rentvestors” investing where they can afford and renting where they actually want to live.

Nationally, the top postcodes for new property investment purchases in 2023 were 2000 (Sydney CBD, including Haymarket); 3029 (West Melbourne, including Hoppers Crossing); 2765 (North West Sydney, including Marsden Park), 3064 (North Melbourne, including Craigieburn), and 2155 (North West Sydney, including Kellyville).