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Fees continue to add up for home buyers

Fees continue to add up for home buyers

Australians who are considering purchasing a new home may be deterred by the high costs of moving, according to new research by a short-term lender.

Fair Go Finance has found that the average Australian spends $3,402 on moving, which the Australian Bureau of Statistics reports as half the average monthly wage.

The new figures come from a survey of 3,383 Australians, which also found that the most expensive city for moving was Sydney, followed closely by Perth and Adelaide.

Brisbane and Melbourne came in below the national average at $3,388 and $3,308 respectively.

Darwin, Hobart and Canberra were excluded due to an insufficient sample size.

According to the report, the biggest moving expense was furniture, with people spending around $880 to fit out their new home.

Removal companies were the second biggest expense, with an average cost of $200, followed by utilities’ connection fees at $195.

Other costs that were taken into account included hire vans, transport for families and pets, as well as storage of furniture and items that were not moved into the new property.

Fair Go Finance managing director Paul Walshe said that moving can take a huge emotional and financial toll on people.

“Moving house, especially on a timeframe determined by the landlord or real estate agent, can be a highly stressful event,” he said.

Mr Walshe noted that agents should let clients know the importance of budgeting for all the costs associated with moving property, particularly for those moving from a rental into their first home.

Fees continue to add up for home buyers
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