Aussies 'less willing to move house'

Thursday 21 June 2012

Article by Mozo

With prices still relatively high and the market sluggish, fewer homeowners are looking to sell up and move into a bigger property.

New figures released by RP Data have suggested that people are now waiting nine years on average before they move up the housing ladder.

The high cost of living is also leaving many Aussies with little choice but to stay put, as they are unable to commit to a larger mortgage.

In Melbourne, people are keeping their house for 10.4 years on average, which is up from 8.4 years in 2000. Meanwhile, Sydney residents are settling for 9.8 years compared with 6.3 years 12 years ago.

"It appears that home owners are increasingly likely to keep their current properties rather than upgrade due to the significant cost," RP Data research analyst Cameron Kusher said.

Aussies 'less willing to move house'

He added that house prices are also much higher now than they were a decade ago, so it is perhaps unsurprising that movement within the property market has been somewhat slow.

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