Do you have any data or research on the profile of sellers? I find that there is not a lot of research out there, so I'm curious to learn how I would explore your claim that most sellers use their proceeds to invest in small business. Selling a property just to buy a property helps the real estate sector and some banks, but I think that calling it a valuable contributor to GDP is a stretch.

What we do know is that people in older age brackets typically own their own home (78%+ for the 65+ age group). However, people in that age bracket also demonstrate a decline in consumption, spending about the same as someone in the 15-24 age bracket. This could be interpreted to show that older sellers are not freely investing the returns from their property sales back into the broader economy. Instead, they are conserving their money to last through retirement.