Brokers should focus on refinancing clients in the New Year, as the majority of Australians have no plans to move house “anytime soon”, a new survey has found.
According to Club Financial Services’ latest research, 73 per cent of Australians are content with their current property and are not looking to move anytime soon.
This result has been supported by RP Data’s recent finding that over the past five years the average length of ownership has increased sharply, indicating that Australians have a lower propensity to sell properties.
“Since 2005 the average length of tenure showed a trend upward, which supports our survey
Results,” Club Financial Services general manager Andrew Clouston said.
“These results highlight the need for mortgage brokers to focus on investors and refinance clients as we head into the New Year.
“Almost 80 per cent of those respondents not looking to move recorded a mere ‘no desire’ as the motivator. However, no doubt some of the emotional strains of moving house and significant financial burden associated with same could be contributing to this feeling.”
Surprisingly, Mr Clouston said with all the recent interest rate hype, respondents did not indicate potential rate rises effecting their decision to move.
In support of staying put, results also revealed a potential climb in renovation activity, with 35 per cent of survey respondents indicating a desire to renovate in the short term.
While for many Australian’s owning our own home has been the great Australian dream, the survey also revealed a trend towards owning several properties, with over 40 per cent of respondents indicating purchasing an investment property is on their radar.
“Whether looking for a cash-positive or capital growth investment, it appears many Australians are considering investing in real estate as an ideal strategy.”