Movers return to market could be slow

Statistics showing home owners wanting to upsize, downsize, or move to a new area are all drifting lower, says CoreLogic.

CoreLogic’s Buyer Classification figures suggest there has been less of a pandemic-driven hunt for extra space going on than might have been perceived.

While movers may start to get more active again, with mortgage rates still high, it could be a slow process.

At the headline level, movers haven’t been as active compared to the long-term average. In the second quarter of this year they accounted for 26% of property purchases. That was higher than first home buyers at 25%, but still well below the long-run movers average of 29%.