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Do properties really change hands every seven years? Not even close, according to new data.
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 inalso increased from 14 years to 19 years between 1990/1991 and 2013/2014.