A study by realestate data agency CoreLogic showed Australians held realestate for 33 per cent more years than 10 years ago, according to Realestate.The average time held per set of realestate is 11.3 years,3.8 years more than a decade ago.
Doron Peleg, chief executive of RiskWise realestate research, said homeowners`time in possession of realestate had been extended due to a significant reduction in the number of transactions during previous housing downturns in some major cities. In the future, as the population surges in sydney and melbourne, coupled with a shortage of homes, this long-term house-holding trend is likely to continue.
New States
The average Sydney residents held realestate for 12.5 years, but in Miller,38km southwest of Sydney`s CBD, the average house held for 26.2 years, the longest in Australia.
The reason Miller`s residents don`t like to sell the house could include a median local house price of around A $520,000, plus some major infrastructure projects in the surrounding area, such as the brand new Western Sydney Airport, the 10-year West Sydney Infrastructure Plan and the new M12 motorway, Mr Riswise said.
In Rossmore, near Miller, the median local house price exceeded A $2 million, according to the Bureau of Statistics 2016 census, and 45 per cent were fully owned by homeowners, with an average holding time of 25.4 years. At Wallacía in Nepean River, the median house price is about A $656,000, with an average holding time of 22.4 years.
Chart: Adobe Stock
Virginia
Like Sydney`s owners, Melbourneers on average held realestate for around 12.6 years. In Wheelers Hill,22km south-east of Melbourne, the average resident house held for 22.2 years, with a median house price of just over A $1 million, compared with about A $716,000 in Greater Melbourne.
Noble Park North, the second-longest city for Victorians to hold house for 21.7 years, is 25km southeast of Melbourne with a median house price of about A $585,000.
Then came Campbellfield,16km north of Melbourne`s city centre, with a median house price of about $476,000 and an average holding time of 21.4 years.
Kunju
In brisburn, the owner`s average house holds 11.5 years. The longest-held in the state`s realestate is Barrell Point, outside Ipswich,47km southwest of the Brisbane CBD, where residents live on average for 25.2 years.
Chandler, in the outer suburbs of Brisbane, has a median house price of A $515,000 and holds realestate for 21.6 years. And Dutton Park, which has a median house price of A $936,000, was held for 19.8 years.
