Moving home is all about the heart, the head and the wallet

Australians are prepared to make financial sacrifices to afford an upgrade – but don’t ask us to give up our Ubers and socialising.

The Upgraders Homeownership Survey Report, released by ING, found that 85% of respondents would find ways to save money:

• 36% would cut back on small luxuries
• 35% would cut back on large luxuries
• 30% would cut back on everyday spending

However, the survey, which spoke to Australians who had either upgraded in the past 12 months or planned to in the next 12 months, also found there were some sacrifices people wouldn’t make:

• 77% wouldn’t cut back on using Ubers/taxis
• 76% wouldn’t cut back on date nights with partners
• 75% wouldn’t cut back on outings with friends
• 68% wouldn’t cut back on beauty luxuries

Why we’re moving, how we’re moving

People upgrade for all sorts of reasons, but, in the end, the main driver is either the home or the area:

• 62% were most concerned with moving to a better home
• 38% were most concerned with moving to a better area

But why upgrade rather than renovate?

• 33% wanted a complete change of scenery
• 32% felt their current area wasn’t worthy of their dream home
• 31% felt moving would be more convenient than renovating
• 27% felt renovating would be too expensive and hard to budget for

The survey found that 59 per cent would move to temporary accommodation between selling their old home and buying their new one:

• 30% would rent
• 24% would move in with friends or family
• 5% would use a hotel or motel

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