Yahoo Finance Millions of Aussies are moving: ‘Rate rises hit home’
Moving season is here and this year is tipped to be bigger than usual with rising interest rates and cost-of-living pressures forcing more Aussies to pack up, new research found.
More than 1.5 million Aussies are expected to spend more than $2 billion during this year’s bumper moving season, according to removalist booking platform Muval.
While many Aussies decide to move in order to live in a better home or location, Muval said cost-of-living pressures - including rising rents, rates and power bills - were also factoring into the decision.
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“We know that cost of living increases are already behind a substantial number of moves and this is only going to grow as we head into the new year and the full impact of rate rises hits home,” Muval CEO James Morrell said.
“While January is traditionally our biggest month, we’re expecting January, February and March to be much bigger than usual, particularly as we start to see landlords passing rate rises onto renters as their leases come to an end.”
December 16 and January 23 will be the busiest moving days, Muval found, with Aussies keen to settle into their new digs before Christmas or the school year starts.
How much does it cost to move?
The average Aussie household pays $3,000 to move, according to Muval. For singles, the average cost of moving is around $1,800, while the cost of a large house move is about $4,000. These figures include removalists, boxes and other costs.
Muval moving ambassador Alana Lowes said Aussies can save money by helping removalists save time (such as disassembling beds yourself or bringing boxes out to the driveway), selling or donating your unwanted things and comparing removalist prices before you take the plunge.
“Removalists usually charge between $60-$90 per half hour so if there is something you can do to save the removalists time, it will also save you money,” Lowes said.
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