National

Home sweet home: the places people never leave

By AAP Newswire

Aug 29, 2024

The Sydney Harbour Bridge. — A Sydney waterside suburb has been revealed as the tightest held in the country. -AAP Image

Home owners in a handful of desirable suburbs are holding onto properties for upwards of two decades.

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The tightest held suburbs in the country, according to real estate data firm PropTrack's list, are often well-connected, have good schools and services, and are close to beaches, parks or other amenities.

Topping the list was Church Point, in Sydney's northern beaches, where owners hang onto houses for an average 22.47 years.

Mount Ommaney, a south-western riverside suburb in Brisbane, and Morangup in southwest Western Australia rounded out the top three - all with average hold times of more than 20 years.

PropTrack senior economist Eleanor Creagh said there were a number of reasons for owners - both investors and owner-occupiers - to hold onto properties, including lifestyle in the area and life stage.

Starting a family or entering retirement could keep people in homes for longer, she said, compared to other phases of life.

Stamp duty levied on property purchases, could also be a deterrent to moving house, Ms Creagh said, and could be a factor driving longer average hold times in Sydney.

Houses are typically held for longer than units, with only one suburb - Dolls Point in southern Sydney - averaging unit hold times of more than 20 years.

Units are also held for a long time in Adelaide's Kingswood and Hillarys, a northern coastal suburb of Perth.