New Zealanders are moving into their new home with aplomb, with a growing number of people now making the move in the last two years.
Key points:In a survey of 1,500 households, nearly half of the respondents said they are moving out of their home by the end of the yearAs many as a third of the people who moved in between August and December moved out by the time of the last census.
The majority of those moving out are renters and have been renting since their last moveThere are a variety of reasons people are moving, but one of the most common is to avoid a big house move.
In the last year, about a third (33%) of people moving out by mid-year said they were doing so because they wanted to reduce the cost of their new house, or they wanted a smaller or cheaper place to live.
However, the majority (57%) of those who moved out of a property by midyear did so because of the high cost of renting.
“We’ve got more people moving into rented properties, but we also have more people renting,” said Helen Aitken, an economist at the Reserve Bank of Australia.
The survey found that nearly half (48%) of the households surveyed had experienced rent rises of at least 5% or more since mid-2016.
That meant one in five (20%) households had experienced a rent increase of more than 10%.
“We are seeing a significant rise in rents, and that has increased the pressure on rental accommodation,” Ms Aitking said.
“It has a big impact on people’s ability to move into the housing market and also on the ability to rent a home.”
A rise in the cost and the need for a bigger home have also been the main factors driving people to move.
According to the survey, two-thirds of people moved in the past 12 months said they felt their housing costs were higher than they should be, with the majority of respondents (67%) saying they were living in an area that had higher than average house prices.
In addition, nearly two-fifths (28%) of respondents said that their rent had increased in the previous 12 months, while more than half (55%) of households surveyed said they had experienced an increase in rent within the previous year.
Topics:housing-industry,housing,housing-price,rentals,wealth-and-pensions,health,employment,government-and/or-politics,nswFirst posted September 07, 2018 14:23:33Contact Anna Houghton