Recent research data has revealed that there has been a dramatic increase in the time Australians hold on to their property. In the past 10 years, hold periods for homes have increased by 38% in Melbourne, and 110% in Darwin. In Sydney, the average homeownership period has risen from seven years to over 11.
Property expert and media personality Andrew Winter, who presents British and Australian versions of the Selling Houses TV programme, told website news.com.au that he believes this trend could be damaging for the country’s economy.
“Moving house is great for our overall economy, from removal and storage costs, to professional services and not forgetting retail,” he said. “We move house, we hit the shops, we probably buy an extra coffee during all this shopping and have a meal out to celebrate our move.”
He believes it could be time for government intervention to address the issues that are discouraging people from moving home. “It is a real win-win, so perhaps if any of our inspired political leaders are reading this, may I suggest a stamp duty review to keep us moving?” Winter suggested.