Moving house on hold for Oz homeowners
A recent survey following the trends of Australian property owners shows that home owners are not moving house at the rate of a decade ago.
According to the research results unit holders stay put for an average 7.7 years while home owners in the main are waiting an average of nine years before trading up or down the Australian property ladder.
Experts are not surprised by the change in trends as property prices are now much higher than at the start of 2000 and the extended costs of moving home has greatly increased. In short people cannot afford to move quite so easily in todays’ market.
Owners of property in Sydney on average stay put for 9.8 years – back in 2000 it was 6.3 years while in Melbourne real estate owners hold on to their home for 10.4 years up from 8.4 years a decade ago.
Instead of spending thousands of dollars moving to a new and perhaps larger home many owners are looking to upgrade their current properties.