5 Reasons To Move Home

July 28th, 2023 - by Brad Gillespie

There’s no beating around the bush: moving house can be anxiety-inducing.

In fact, 79% of respondents in a 2021 Australian survey said they found moving stressful. But there are often also many benefits to gain from embarking on a move.

So how do you know if it’s the right time for you to make a property move? We look at five key reasons people move home.

Why? A new location

Location is one of the most important parts of the real estate puzzle. Moving to a neighbourhood that suits your lifestyle can make you happier and more fulfilled.

Who?

Many people move to be closer to family or friends or to make it easier to commute to a new job. Increasingly, we also see families moving in order to get their children into the catchment area for a good school.

However, a lot of people are attracted to Sydney’s inner city and inner west simply because of the lifestyle it offers: our proximity to the city, parks, the many village centres such as Erskineville, Newtown and Marrickville, and the great cafes, restaurants, shops and transport on offer here.

Why? Buying your first home

Whether moving out of the family home or leaving the rental market, first-home buyers have always been a key demographic in Sydney’s inner city and inner west, and there’s a wide range of properties for them to choose from. But right now, a strong rental market is forcing even more people to weigh up the pros and cons of renting vs buying.

First-home buyers have the benefit of several grants and schemes that can help them get on the property ladder. We’ve noticed many people taking advantage of these.

Who?

Interestingly, the age of a first home buyer has increased in recent decades to 36 years old. AIHW data shows that 138,400 mortgages were issued to first-home buyers in Australia in the 12 months to May 2022, a figure that has risen 70% in just five years.

Why? Upgrading or upsizing

Upgrading involves moving to a better home with more features or a more desirable location. Upsizing happens when you move to a larger home with more space for family or pets or with the space for a home office.

Rising property prices and a competitive property market mean that buyers tend to climb the property ladder in stages, upgrading from a unit to a house to a larger home as they go.

Who?

Many upsizers we meet are in the middle of their professional careers, aged 30-50. They’re often upsizing to accommodate a growing family or to get the space, lifestyle and features they’ve always wanted in a home.

Some are tossing up between renovating or moving on, and many want to stay in the area they know and love.

Why? Downsizing

Our area has become increasingly popular with downsizers looking for a cosmopolitan, vibrant lifestyle close to all the city has to offer.

In fact, downsizers have become a major force in our local property market in recent years.

Who?

Downsizers usually want a low-maintenance lifestyle. While some are retirees or people approaching retirement (often lured by the government’s downsizer incentive that allows individuals to contribute $300,000 from the sale of their home to superannuation), we see people of all ages downsizing for its many benefits.

This now includes families, couples and singles, alongside those who may live outside the city but want a city crash pad.

Why? Major life changes.

Moving can be a stressful enough change on its own. However, anxiety can be compounded when the move is precipitated by a major life change, such as divorce, death, marriage, a growing family, or even a new job.

Who?

Buyers of all ages, in all stages of life, have their hands forced and need to move for many reasons beyond their control. Our aim is to make the process as stress-free and simple as we can when we get involved with a sale for buyers or sellers in these circumstances.

Are we moving more or less?

A 2016 study from Origin Energy estimated that we invest over 16 working days each time we move home. This includes time spent on the phone with utility providers, as well as organising, packing, cleaning, and actually moving.

When you factor in that people move an average of 13 times in their life, that’s a massive 208 days spent moving home - more than half a year!

A survey by Budget Direct in 2021 showed that 20% of Australians had moved house in the past year - a 15% increase on the year before. Unsurprisingly, renters, younger people and city dwellers were more likely to have moved.

People holding onto homes for longer

Different data from CoreLogic shows that people who own property and live in it (ie: not renters) are holding onto their homes for longer rather than selling and moving. In fact, the national median hold period for homes hit 9.9 years in the December 2022 quarter.

In the Inner West council area, the median hold period for the 91.4% of sales that made a profit in the March 2023 quarter was ten years. For the record, these sales generated a median profit of $404,000 for the sellers.

Meanwhile, in the City of Sydney LGA, 84.8% of property sales that made a gross profit had a hold time of 10.5 years, but the median profit was lower, at $278,000.

Make your next move easier

There are many benefits to moving. Having a fresh start, enjoying a new location, a bigger or better home, a new perspective, new friends, new adventures, less financial pressure, and improved well-being are some of them.

Looking to make your next property move in Sydney’s inner city or inner west? Get in touch with our team today.