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Why moving isn’t high on Australians’ agendas

By Kevin Kelly

Moving doesn't appear to feature on many Australians' to-do lists, as the latest figures show a lack of mobility among the general population. The Roy Morgan Research figures reveal that nearly 60 per cent of Australians over the age of 14 have lived at the same address for at least five years, with some parts of the country less inclined to move than others.

Not only this, 40.7 per cent of the population revealed they'd been at their current address for at least a decade. This has led many experts to question why people are keen to stay in their existing Bunbury rentals or own properties, rather than seeing what else is available.

Property market confidence takes a hit

You can't help but notice that Australia has faced its fair share of turmoil over the past few months. One of the biggest events was undoubtedly the federal election, where an uncertain result meant consumer confidence was affected, with good reason.

The latest ANZ Property Council Survey showed that people are concerned about prospects for economic growth and what else might be in store for the national balance sheet. Expectations for construction work are also having a negative impact, as Property Council chief executive Ken Morrison revealed.

"While all sectors are reporting net positive expectations for construction, there is concern about the trend in residential construction," he commented.

"In residential construction, we have witnessed a downward shift in sentiment of 36.5 points over the past 12 months."

However, there are now some reasons for optimism. A federal government is being formed and global markets are starting to readjust to the effects of Brexit, so a period of greater stability could be just around the corner. This could translate to people making bigger ticket purchases such as property in Bunbury, bringing a boost to the real estate sector.

Spending takes a back seat

There's also been a slowdown in spending across the economy that needs to be taken into account. The Commonwealth Bank Business Sales Indicator shows economy-wide spending was up 0.1 per cent in June, representing a broadly flat result.

Experts also believe this is a knock-on effect from the federal election. Results have so far been on an even keel over the past few months, as Australians waited anxiously to see what would happen on a government level.

Once people are more confident about spending again, this could also deliver good news for the national property market. For the time being though, it seems people are quite happy where they are and showing little intention of moving any time soon.

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