A study conducted by the Grace Removals Group, in collaboration with renowned futurist Mark McCrindle, has shed light on the motivations behind Australians' decisions to move homes and their preferences when searching for new abodes.
Here, we delve into the findings, Australian home migration trends show a focus on the quest for more space, which is becoming increasingly significant in the property landscape.
Upsizing vs. Downsizing
The research reveals a clear trend - size matters in the Australian real estate market. Almost double the number of Australians opted to upsize their homes (42%) rather than downsize (23%). This observation underscores the nation's collective desire for more living space.
While the common assumption is that growing families seek larger homes, it's noteworthy that many singles and childless couples also opt for spacious residences. Even as block sizes shrink, Australians are constructing two and three-story properties to maximize available space.
The Allure of Larger Homes
Prominent locations like the East Perth Redevelopment indicate that older professionals are willing to downsize their land but still yearn for generous living spaces. This inclination could reflect the desire to enjoy the rewards of hard-earned possessions and a larger home that facilitates entertaining and hosting family and friends.
Moreover, the modern trend of adult children staying longer in their parents' homes has led older parents to upsize to accommodate the demand for extra space. Adult children often require bedrooms to fit double beds, separate bathrooms, and personal storage. Parents may choose to maintain a larger house even after their children leave the nest, as the offspring might return later in life due to relationship breakdowns or financial support needs.
Home Sweet Home
For many Australians, their home is truly their castle. The study found that one in five Australians values the size of their home more than the neighbourhood they reside in (12%) or the property's environmental credentials (5%).
When asked about potential changes to their homes, 21% of respondents expressed a desire for indoor features such as spas, shutters, and air conditioning, along with increased internal living space (18%). Interestingly, more outdoor features, such as a pool, garden, or veranda, were less of a priority (13%).
A Mobile Population
The research indicates that Australians tend to move residences fairly frequently, with over half (51%) having lived in their current homes for less than five years. Younger generations, in particular, are even more mobile, with an average of two moves in the past five years, while Veterans averaged one move over the last 12 years.
On average, an Australian is estimated to move nearly eight times in their lifetime. Western Australians appear to be the most mobile, averaging 9.27 moves, while Victorians move the least, with an average of 7.05 relocations.
Relocating Within the State
Most Australians opt to stay within their respective states (85%) when moving homes, and a significant portion of these intra-state relocations occurred within the same or adjoining suburbs.
Interestingly, being closer to work (9%) or family (2%) is no longer the primary motivation for seeking a new home. Instead, 19% of respondents stated that a better home was the driving force behind their move.
In a surprising twist, more than half of the respondents (58%) reported not feeling stressed about the moving process, indicating a level of ease and adaptability in Australian home migration.
When you're ready to make your property move, Adaptive Settlements is here to assist you throughout your property transaction journey. Contact us today for all your Perth property settlement needs.
Source: Grace Removals Group
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