First Home Buyers & Young People
All this moving around is perhaps a sign of a strong real estate market, with quite a lot of people regularly on the lookout for their new home. While this article has so far established the rate of change, it is important to determine ‘who’ wants change. It is unsurprising that people in younger households without children were the most mobile. The age group in this category are between 20 and 30 years of age. But what are the statistics?
- 90% have moved at least once in the past five years; and
- 40% have moved three to four times in the last five years.
Of the people in this category, 53% are private renters. A good sign for both property investors and for people looking to sell homes to first home-owners. In essence, this is a key target market which many people should consider with regards to advertising and property design, before putting their property on the market.
Couples with children show that there is a decline in mobility. However, couples with young children are more likely to move with children under the age of five. What stands out is that 76% of people in this category are home-owners, while the other 19% were renters. As a result, we interpret the statistics to mean that young couples are looking to buy a family home, and this is an equally competitive market.