{"id":10293,"date":"2017-01-19T15:30:49","date_gmt":"2017-01-19T04:30:49","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10293"},"modified":"2017-01-19T15:30:49","modified_gmt":"2017-01-19T04:30:49","slug":"no-place-like-home-aussies-stay-put-for-longer","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/","title":{"rendered":"No place like home: Aussies stay put for longer – John McGrath"},"content":{"rendered":"

In his column in\u00a0Switzer<\/a>, John McGrath discusses why a large portion of Aussies\u00a0are staying their\u00a0home longer.\u00a0<\/strong><\/p>\n

Here’s what he had to say:<\/h4>\n

Australian home owners are staying put longer, with the average number of years that capital city residents hold their homes trending up since 2005 from 6.7 years to 10.7 years for houses and 5.9 years to 9 years for apartments. \u00a0\"mcgrath\"<\/a>
\nThe number of sales transactions has also declined in line with this trend, according to CoreLogic*.
\nSo why are we staying put longer?
\nEssentially, it boils down to\u00a0financial reasons\u00a0<\/strong>and\u00a0changes in the way we live today<\/strong>.
\nAs discussed in our 2017 McGrath Report, affordability and the costs of buying and selling are major factors.
\nStamp duty and agents\u2019 fees alone currently run to about $55,000 on a median priced house in Sydney today.
\nRenovating is also on the rise, which tends to happen at the end of a boom when affordability falls.
\nInstead of trading up, owners draw on new equity to renovate and extend rather than move house.
\nIt\u2019s therefore not surprising that Melbourne and Sydney are our renovating hot spots right now, as the following list shows.<\/p>\n

Renovation Spending<\/h4>\n
    \n
  1. Melbourne: $1.882 billion<\/li>\n
  2. Sydney: $1.684 billion<\/li>\n
  3. Brisbane: $766 million<\/li>\n
  4. Perth: $500 million<\/li>\n
  5. Adelaide: $299 million<\/li>\n
  6. Canberra: $111 million<\/li>\n
  7. Darwin: $57 million<\/li>\n
  8. Hobart: $57 million<\/li>\n<\/ol>\n

    Source: Australian Bureau of Statistics data modelled by Domain Group Chief Economist Andrew Wilson, domain.com.au, published February 27, 2016<\/em>
    \nA strong economy is also encouraging people to stay put.\u00a0    \"reno_couple_27_05\"<\/a>
    \nDespite the GFC, it\u2019s been 25 years since our last recession, so the biggest economic factors that prompt people to sell \u2013 unemployment and financial stress, are less at play.
    \nPeople in secure jobs can stay put until personal circumstances demand a change of address.
    \nWhich brings us to the second major element affecting hold periods \u2013 changes in the way we live.<\/p>\n

    There has always been a strong correlation between people\u2019s life stages and their housing needs.<\/h4>\n

    However, in today\u2019s modern world, traditional trends in the way we live are shifting and this is reducing the necessity to move.
    \nCouple-only households and people who live alone are the fastest growing types of households in\u00a0Australia today, and they don\u2019t need to move as much as growing families.\u00a0\u00a0<\/strong>
    \nRecent Australian Bureau of Statistics (ABS) figures^ show 46% of couple-only and lone person households have lived in their current home for 10 or more years, compared to 28% of families with kids.
    \nYoung people are staying home longer, prompting many parents to delay downsizing or a seachange.<\/strong>
    \nWhen they buy their first home or rent with friends or a partner, they can stay there longer because they are delaying marriage and kids until much later in life.
    \nTraditionally, as people\u2019s incomes grew, they would look to upgrade to a better property.
    \nToday, wage growth is not nearly keeping pace with property prices, so there are plenty of couples staying put in apartments or small houses until their first or second child comes along.
    \nThe average family size is also getting smaller, with a steady decline from 3-4 kids in the 1960s to 1-2 kids today#.<\/p>\n

    This means many families can stay put longer in properties with fewer bedrooms.<\/h4>\n

    We\u2019re also seeing a rise in multi-generational households with couples and in-laws pooling funds to buy a large home that will suit them for the long term. ABS data^ shows the majority of multi-family\u00a0households stay put for 10-20 years or more.
    \nOur ageing population is also contributing to longer hold periods.\"family
    \nMortgage-free home ownership is\u00a0highest among older Australians and they prefer to stay put long term if they can, with 47% of owners^ without a mortgage living in their homes for more than 20 years.
    \nStaying put means avoiding moving costs and preserving pension arrangements, which can change\u00a0after selling.<\/strong>
    \nThe GFC also prompted many empty-nesters to delay retirement and stay put while they continued working to replenish lost superannuation.
    \nBuying and holding is the key to success in Australian real estate.
    \nAlthough owner-occupiers are primarily motivated by lifestyle factors, it\u2019s important to remember that your home is your greatest financial asset and the best capital growth always occurs over the long term.
    \n* Property Pulse, CoreLogic, published March 30, 2015<\/em>
    \n^ Housing Mobility and Conditions 2013\u201314, Australian Bureau of Statistics, published December 10, 2015<\/em>
    \n# Births, Australia 2014, Australian Bureau of Statistics, published October 29, 2015<\/em><\/p>\n

    East Coast Capitals with the Longest Hold Periods<\/h4>\n

    HOUSES<\/strong>
    \nNSW \u00a0\"sydney\"<\/strong>
    \nDawes Point: 29.7 years
    \nRegentville: 22.6 years
    \nEllis Lane: 22.2 years
    \nVineyard: 22.0 years
    \nMaraylya: 20.9 years
    \nQLD\u00a0<\/strong>
    \nPinjarra Hills: 16.4 years
    \nRochedale: 15.7 years
    \nMacgregor: 15.3 years
    \nSt Lucia: 14.6 years
    \nNathan: 14.5 years
    \nVIC\u00a0\"suburb<\/strong>
    \nCranbourne South: 22.2 years
    \nBelgrave South: 18.2 years
    \nVermont South: 18.2 years
    \nNoble Park North: 17.7 years
    \nWarrandyte: 17.4 years
    \nACT<\/strong>
    \nBonython: 14.7 years
    \nGowrie: 14.4 years
    \nHawker: 13.2 years
    \nChapman: 13.2 years
    \nPalmerston: 13.1 years
    \nAPARTMENTS\u00a0<\/strong>
    \nNSW
    \n<\/strong>
    \nBella Vista: 14.9 years
    \nHaberfield: 14.1 years
    \nRussell Lea: 13.1 years
    \nDrummoyne: 13.1 years\"apartment\"
    \nSchofields: 13.0 years
    \nQLD\u00a0<\/strong>
    \nGrange: 11.8 years
    \nKenmore: 11.3 years
    \nSunnybank: 11.3 years
    \nSt Lucia: 11.2 years
    \nMacgregor: 11.2 years
    \nVIC<\/strong>
    \nBraeside: 17.5 years
    \nWheelers Hill: 15.9 years
    \nIvanhoe East: 15.7 years\"apartment\"
    \nHadfield: 15.3 years
    \nViewbank: 14.9 years
    \nACT<\/strong>
    \nReid: 14.3 years
    \nMonash: 14.2 years
    \nHolt: 13.9 years
    \nHiggins: 13.5 years
    \nGreenway: 12.9 years
    \nSource: CoreLogic; 12 months to June 30, 2016<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    In his column in\u00a0Switzer, John McGrath discusses why a large portion of Aussies\u00a0are staying their\u00a0home longer.\u00a0 Here’s what he had to say: Australian home owners are staying put longer, with the average number of years that capital city residents hold their homes trending up since…<\/p>\n","protected":false},"author":176692471,"featured_media":9725,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,17,27],"tags":[],"class_list":["post-10293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-property-investment","category-trends-topic"],"yoast_head":"\nNo place like home: Aussies stay put for longer - John McGrath - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No place like home: Aussies stay put for longer - John McGrath - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"In his column in\u00a0Switzer, John McGrath discusses why a large portion of Aussies\u00a0are staying their\u00a0home longer.\u00a0 Here’s what he had to say: Australian home owners are staying put longer, with the average number of years that capital city residents hold their homes trending up since...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-19T04:30:49+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"No place like home: Aussies stay put for longer – John McGrath\",\"datePublished\":\"2017-01-19T04:30:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/\"},\"wordCount\":841,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Latest Stories\",\"Property Investment Topics\",\"Trends\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/\",\"name\":\"No place like home: Aussies stay put for longer - John McGrath - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2017-01-19T04:30:49+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/no-place-like-home-aussies-stay-put-for-longer\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"No place like home: Aussies stay put for longer – John McGrath\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\",\"name\":\"Realty Talk\",\"description\":\"Your Trusted Voice For Property Investing. Anywhere, Anytime.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\",\"name\":\"rolanrush\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"caption\":\"rolanrush\"},\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/author\\\/rolanrush\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"No place like home: Aussies stay put for longer - John McGrath - Realty Talk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/","og_locale":"en_US","og_type":"article","og_title":"No place like home: Aussies stay put for longer - John McGrath - Realty Talk","og_description":"In his column in\u00a0Switzer, John McGrath discusses why a large portion of Aussies\u00a0are staying their\u00a0home longer.\u00a0 Here’s what he had to say: Australian home owners are staying put longer, with the average number of years that capital city residents hold their homes trending up since...","og_url":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/","og_site_name":"Realty Talk","article_published_time":"2017-01-19T04:30:49+00:00","author":"rolanrush","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rolanrush","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/#article","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/"},"author":{"name":"rolanrush","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"headline":"No place like home: Aussies stay put for longer – John McGrath","datePublished":"2017-01-19T04:30:49+00:00","mainEntityOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/"},"wordCount":841,"commentCount":0,"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/#primaryimage"},"thumbnailUrl":"","articleSection":["Latest Stories","Property Investment Topics","Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/","url":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/","name":"No place like home: Aussies stay put for longer - John McGrath - Realty Talk","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/#primaryimage"},"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/#primaryimage"},"thumbnailUrl":"","datePublished":"2017-01-19T04:30:49+00:00","author":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"breadcrumb":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/channels.realty.com.au\/realtytalk\/no-place-like-home-aussies-stay-put-for-longer\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/channels.realty.com.au\/realtytalk\/"},{"@type":"ListItem","position":2,"name":"No place like home: Aussies stay put for longer – John McGrath"}]},{"@type":"WebSite","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website","url":"https:\/\/channels.realty.com.au\/realtytalk\/","name":"Realty Talk","description":"Your Trusted Voice For Property Investing. Anywhere, Anytime.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/channels.realty.com.au\/realtytalk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d","name":"rolanrush","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","caption":"rolanrush"},"url":"https:\/\/channels.realty.com.au\/realtytalk\/author\/rolanrush\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/10293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/users\/176692471"}],"replies":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/comments?post=10293"}],"version-history":[{"count":0,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/10293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/media?parent=10293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/categories?post=10293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/tags?post=10293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}