Aussies aren’t selling their homes

Older Australians are staying put and not selling their homes, making life hard for younger first home buyers, a Commonwealth Bank housing study has found. Only 44 per cent of Australian households have moved in the past five years compared with 73 per cent a decade ago.

In Victoria, only 40 per cent of households had moved in the last five years, with high stamp duty possibly contributing the to the lower rate. Only 15 per cent of home owners with no mortgage had moved recently, down from 60 per cent in 1999. 85 per cent of private renters had moved within the last five years, while 42 per cent of mortgagees changed their address, a 25 per cent drop.

The major reasons Australians move house is to purchase their own, wanting a bigger or better home, and for neighbourhood reasons according to the Australian Bureau of Statistics' Housing Mobility and Conditions report.

Source: Herald Sun