Where home owners are in it for the long haul
New analysis has highlighted the top Australian suburbs with a low turnover, where homes are frequently held for decades at a time.
Owning a home is often regarded as the Australian dream, and so it’s no surprise that once that goal has been achieved, Aussies are keen to keep a tight hold of their status as property owners.
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But while for many that means trading one home in for another as circumstances change, there are pockets of the country where once owners have bought in, they stay for the long haul.
According to PropTrack, these are the suburbs where Australians hold their homes the longest:
Houses
Clarinda, Melbourne’s southeast – 24.4 years
With a median house price of $921,000, Clarinda attracts residents that are looking to stay a while.
Vermont South, Melbourne’s east – 22.3 years
In this Melbourne suburb, where PropTrack reports houses go for an average of $1,425,000, demand vastly outstrips supply with 23 houses available in the past month to a pool of roughly 2,000 interested buyers.
Arncliffe, Sydney’s south – 21.2 years
Only 68 houses in this desirable Sydney suburb have sold during the past year, though those who have parted with their properties received a handsome average sum of $1,559,750.
Monterey, Sydney’s south – 20.5 years
The bar for entry into this Sydney suburb is steep, with an average house price of $2,330,000 and only six freestanding properties available in the past month.
Springvale South, Melbourne’s southeast – 20.4 years
In Melbourne’s Bayside, Springvale South is an attractive community to families seeking a slice of suburban life, with median house prices sitting at $810,500.
Units
Carlton North, Melbourne’s inner-city – 20.7 years
Average units in Carlton North go for $685,000, but there aren’t many to choose from with owners often staying for two decades or more.
Cremorne Point, Sydney’s north – 17.2 years
With harbourside views abounding in this suburb, it’s easy to see why owners hold on to their apartments for 17 years, and why the median cost has reached $1,450,000.
Kirribilli, Sydney’s inner-city – 16.4 years
Being neighbours with the prime minister clearly isn’t an easy benefit to give up, with apartment owners staying a long time in the suburb where units cost roughly $1,150,000.
Narwee, Sydney’s south – 15.9 years
With a median price of $575,000, buyers are eager to get into this Sydney suburb, even though there’s not much available – only 29 units in the suburb sold over the past 12 months.
Eastlakes, Sydney’s south – 15.9 years
This small suburban neighbourhood clearly serves its residents well, with average stays of over 15 years and a median unit price of $613,500.
