Home loans: People less likely to move than a decade ago

Monday 23 November 2009

Article by Mozo

People looking to compare low interest home loans may be keen to learn that over the past decade, householders have been less inclined to move.

This is according to a new housing study by Commonwealth Bank, which showed that only 44 per cent of households have changed abodes in the last five years.

According to an article in the Herald Sun, a decade ago this figure stood at 73 per cent, which has led Craig James, retail economist and author of the report, to point to an ageing population as a possible cause.

In addition, the increased costs associated with moving home is also factor, as well as the fact that more people are happy with their property and its location.

However, when this is combined with a lack of housing provision supplied by the government, this could cause problems.

"That may be good for the Baby Boomers and Generation X, but if they don’t want to move … then it really puts big pressure on Generation Y to find their homes and at a reasonable cost," Mr James commented.

According to Dean Rushton, chief operating officer of the Loan Market Group, 30 per cent of first-time buyers are being turned away when they apply for home loans.

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