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While for many Australian’s owning our own home has been the great Australian dream, a new survey has revealed a trend towards owning several properties.
According to Club Financial Services' latest research, over 40 per cent of Australians are considering property as an investment strategy.
“Whether looking for a cash-positive or capital growth investment, it appears many Australians are considering investing in real estate as an ideal strategy.”
The survey also found Australians are in no rush to move homes in 2011.
According to Club Financial Services, 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.
“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 could be contributing to this feeling.”
Surprisingly, Mr Clouston said with all the recent interest rate hype, respondents did not indicate potential rate rises were impacting their decision not 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.