The old adage that bigger is better continues to ring true for many Australians, with the need - or just the desire - for more space topping a list of reasons why people had put their property on the market.
Slater and Gordon Lawyers surveyed 2000 Australians and found that more than 30 per cent had sold at least one property over the past 10 years.
Overall, the need for a bigger property was the most common driver with 30 per cent of those who had sold citing it as a factor in their decision. Upsizing was the most popular reason to sell among all age groups except those aged over 55 (8.3 per cent), who were more likely to want to downsize and move somewhere smaller (30.9 per cent).
West Australians and Victorians were more likely than the national average to cite upsizing as a factor in their decision to sell with 31 per cent in both states nominating it as a factor for them, compared to 30 per cent in NSW and 27 per cent in QLD.
Slater and Gordon Lawyer Robert Kern said there was no doubt that cities were becoming denser with the need to accommodate growing populations.
“But what this research shows is that there is still the desire out there to own the Australian dream of a house and land,” he said.
“This research shows that emotional and lifestyle factors are still a major influence in property purchases, despite the apparent increase in investor purchasers,” Mr Kern said.
“People are probably less likely now to stay in the same home their whole life and are more willing to buy and sell until they are in a property that ticks all the boxes in terms of what they want – and that includes a property of a certain size.
“I think for most people it’s not about return on investment. It’s certainly a factor but at the end of the day it’s an emotional investment,” he said.
NSW respondents were the most likely, at 9.4 per cent, to nominate an inability to meet their mortgage repayments as a factor in their decision to sell, while Queenslanders (3 per cent) were the least likely.
Nationally, those aged 25-34 were the most likely to be opportunistic sellers with 27.3 per cent saying that a neighbouring property fetching a high sale price was a factor in their decision to put a property on the market.