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.
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.
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'Australians are moving less and ageing in place' have 1 comment
December 4, 2019 Just a Guy
It would be interesting to see if there are any figures separating residential housing use for rental and for a family home.
In my own case I have added value to rentals and done strata developments, in the rental market, with the average hold times of 1 – 4 years, but in my family home we have held for 9 years and 8 years with plans to stay in this second home until we can’t manage it any longer, when we plan to move into a two bedroom house we rent out in a flat area near shops and Doctor.
Changing demographics may also play a part, in we are ageing and it gets harder to do renos and move up in the way we could in our 20’s and 30’s.