Most Australians are keepers when it comes to planting themselves in their home. When it comes to moving the trend shows that the younger you are the most likely it is for you to make a move to greener pastures where the mortgage is kinder to your pockets. With property becoming expense more people find themselves being pushed into the outskirts of cities and coastal lines, but where else do we choose to move and who is most likely to make the move?
Young adults are on the hunt for the perfect abode
It comes as no surprise that the people who are most likely to make a move are those who are still entering the world of being an adult. The Australian Bureau of Statics revealed that almost two-thirds of young adults (64%) at a different address compared to five years earlier. The numbers increase for those Australians that rent with 65.3% making a move within a year in 2016. However, with the increase of mortgage prices, it is more likely to see these numbers increase as people look for places that are affordable for them.
The most and least mobile regions
Although moving can be stressful for those that move and a dread to the 6 out of 10 Australians that don’t ever want to move, the fact remains that we still remain on the move between states. Roy Morgan released research on the most and least mobile regions showing that the most mobile region was country SA with 54.3% and the least being country QLD with 32.7%.
Source: Roy Morgan Findings 2016
If you are a community where there are more rental properties, at any given time you are likely to spot someone moving boxes and furniture. People who move spend so much time moving that a study by Pure Profile revealed that Australians lose a year (208 days) in their lifetime buying, renting and moving into a new home.
Moving is an opportune time to start afresh, but moving too often can have a negative effect on how lenders view you when it comes to securing a home loan. If you keep skipping town to find a new place to plant your roots in you can be seen as someone who is not stable. Even more so when you keep taking out loans that will cover the mortgage on your new place.
However, there are a few things that you can undertake to make sure that the only move you will be making is because of work rather than other reasons. Like any investment you need to see your new home as a long-term investment, and how it will slot into your life plans. If you are planning to stay there longer than a year or five years you need to see that the place will be able to shape and mould to your various life stages such as a single right up to starting a family.
You can also make sure that by the end of the year you will still be standing your ground instead of being pushed out by unaffordable property prices by researching the year on year growth of rent in the area. It will also help you keep your eyes and ears open for cheaper places that you can move to in the area instead of packing up everything and moving to another state.