People appear to be ageing in place.
The latest statistics suggest that homeowners are staying in the same digs, on average, for 11 years.
This is up from 7 years a decade ago.
That’s a 59% increase.
My chart shows that this increase is widespread.
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The high and rising transaction costs plus limited affordable housing options for downsizers is seeing many stay put.
Owner residents and investors alike are also confused as to where to invest.
So, both segments are increasing opting to improve their current abode or investments.
This is a new housing black – renovations and additions.