Aussies stay in their home for longer
Ten years ago the average amount of time that a home was owned in a capital city was 6.8 years. A recent report from CoreLogic RP Data has shown that in the past year, this figure has increased to 10.5 years. This means that homeowners are keeping hold of their property for longer.
The analysis of properties sold across all capital cities in 2014 shows that houses are currently held on average for longer than units, with most houses owned for an average of 10.5 years and units for 8.7 years.
In regional centres, we generally see properties sell on a more regular basis when compared to capital cities. For 2014, the average hold period of a regional house was 10 years. Interestingly, the average amount of time that units are held is longer than those in a capital city – 8.9 years recorded in 2014.
Seeing this trend increase on a national level and across all capital cities, it’s clear that homeowners are moving less regularly than they have in the past.
Factors that play a role in this trend include the costs involved with buying and selling a home. Fees such as stamp duty could persuade homeowners to hold on to their property for longer. It’s speculated that the hold period nationally will continue to increase in the years to come.
With Australians moving less regularly, it’s important that you understand you don’t have to be selling your home – or buying a new property – to reassess your mortgage. Contact me for a home loan health check at any time to ensure you're still using the product that's right for your circumstances.