THROW in the towel on a dream home and aim to build up a $1.6m property portfolio is the latest advice for those who want to retire comfortably.
WealthMarket property consultant Steve Smith believes a property portfolio could beat superannuation hands down but it would require assets worth about $1.6m generating an annual return of about 5 per cent.
He said such a portfolio had the potential to bring in $80,000 a year in passive income – significantly higher than the $20,000 a year that many rely on off a pension.
WealthMarket believes it’s better to be a smart first-time investor, rather than a first-time owner occupier.
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