Homeowners are holding onto properties for longer than ever. New research reveals the suburbs where people buy and stay put for decades – and two of them are on the Sunshine Coast.
Figures reveal that Minyama (15.7 years) and Warana (13.1 years) are among the top 10 suburbs on the Sunshine Coast with the longest average hold period.
Analysis of PropTrack data shows that the average period of ownership of a property has lengthened to about 11 years at the national level, increasing by 23 per cent over the past 10 years.
In some suburbs, holding periods have grown to more than double the national average, with infrastructure improvements, demographic changes or entrenched communities giving homeowners few reasons to leave.
“Across Australia, there are many suburbs that homeowners buy into, fall in love with, and then never want to leave,” PropTrack economist Anne Flaherty says.
“The most tightly held suburbs tend to be those that appeal to a wide range of different people, from young families to retirees, and are often located in the middle and outer suburban rings.
“They tend to have excellent amenity such as schools and shops, as well as lifestyle attributes such as parks or being close by the water. Many also benefit from being well serviced by road and rail networks, which enable access to cities and employment hubs.
“For buyers looking to move into these tightly held suburbs, opportunities are scarce and there’s often high levels of competition.”
When it comes to units, proximity to water is another feature common among many tightly held suburbs.
Minyama tops the list in Queensland.
“In newly established suburbs, a lot of the buyers tend to be first-home buyers,” Ms Flaherty says.
“Often, people don’t stay in their first home forever. They’ll buy their first home in an area they can afford, and their subsequent home might then be their forever home.”
Holding periods in some suburbs have increased significantly in the past decade, usually as a result of improvements to infrastructure and amenity in the area.
“Better infrastructure is really key,” Ms Flaherty says.
“If we look at the suburbs that are seeing the longest hold times, they tend to be very well connected, they’ve got good road networks, good public transport, lots of shopping precincts, entertainment precincts, and lots of schools.
An older median age and a high proportion of owner occupiers are characteristics that are common among the most tightly held suburbs.
“The suburbs with the longest hold times tend to be more dominated by owner occupiers,” Ms Flaherty says. “They tend to be those family-friendly suburbs.”
More broadly, Ms Flaherty says rising property prices have prompted some first-home buyers to hold onto properties for longer, especially apartments.
For more, go to realestate.com.au.