New research busts property myth

By Staff Reporter 08 July 2015 | 1 minute read

Do properties really change hands every seven years? Not even close, according to new data.

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The Real Estate Institute of Western Australia said the average turnover time in Western Australia increased from 14 years to 21 years between 1990/1991 and 2013/2014.

That 50 per cent increase in turnover time coincided with a 59 per cent increase in homes, from 586,000 to 992,000.

“This indicates that owners and investors are holding property longer and debunks the long-held myth that households move on average every seven years,” REIWA said.

Turnovers fell to as low as 11 years in 2005/2006 during the height of the property boom before blowing out to 25 years in 2010/2011.

Turnover time in PerthPerth, TAS Perth, WA also increased from 14 years to 19 years between 1990/1991 and 2013/2014.



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