Here’s a question we’d like to pose to the people of Mudgee – how long have you lived in your home?
Recently published by RPData, statistics are showing the people are staying in their homes longer rather than moving around. The average number of years that people stayed in their homes in 1999 was 6.8 years, but it appears the turnover of our primary residences has increased to 8.6 years in 2011.
Now of course this is a generalisation because each town, city and suburb has its own pros and cons of buying and selling, and people’s reasons vary from one person to another, but it is interesting to us as real estate professionals, that the rate at which people are buying and selling has changed so dramatically.
Here in Mudgee for instance, we don’t believe there’s been as drastic a change as the national average, but it’s hard not to think about how the market relates to the rate of change. When people buy and sell less often, the market slows. What I think we need to address is the reason why…
A few things pop to mind straight away – cost of living, unstable share markets affecting superannuation funds, media hype around housing scaring people out of transacting, aging population.
So, we would love you to comment below with the number of years you’ve lived in your home, and how long you intend to be there. It will be interesting to see if the trend is in fact in line with the reported statistics.