In the immediate vicinity of Australia, there are several suburbs that homeowners buy, fall in love with, and never leave. The data show how long some people hold their assets.
On average, units spin faster than homes, but there are significant differences between states and suburbs.
There are some parts of the country where homeowners move and then never want to leave.Photo: Getty
For example, homes in Greater Sydney are the most tightly held homes in the country, with homeowners waiting an average of 13.1 years before selling.
Greater Melbourne is just behind in 12.1 and Greater Brisbane is third in 11.9.
At the other end of the spectrum is Hobart, which has an average home tenure of 8.5 years, the shortest in the country.
Within Greater Sydney, items in the western part of the city dominate the list of the most tightly stored properties.
St. John’s Park and Homebush each topped the list with an average hold period of over 20 years. It is the longest period in the country.
Greater Melbourne tends to have the longest average retention time suburbs east of the city.
The exception was West Melbourne, which had the longest housing hold in 18.5 years. This was followed by Watsonia North, Vermont South and Wantirna.
In contrast to Sydney and Melbourne, Greater Brisbane’s densest suburbs are ubiquitous in the city.
Seancliff in the northeast and Wishat in the south have the longest hold times on average, followed by the eastern suburbs of Cheriton, followed by Spring Hill in the heart of the city.
In Greater Adelaide, the suburbs with the lowest average property sales tend to be in the south of the city.
Highgate homeowners hold their property for the longest time, on average 13.5 years. Howthorn Dean and Kamerland Park each followed immediately behind in 13 years.
The tightest-held suburbs of Greater Perth were spread throughout the city, with Mahogany Creek and the northeastern suburbs of Chiara occupying the top spots, with an average retention time of over 14 years.
The waterside suburbs dominate Hobert, with some of the most densely populated suburbs such as Rose Bay and Bell Reeve.
In Darwin, Gray topped the list with an average of 11.5 years in housing, while MacArthur is the tightest-held in 16 years in Canberra.
So what do the most closely held suburbs have in common?
It could be a well-established suburb of Central, usually within an hour’s commute from the capital.
They are often family-friendly “lifestyle” suburbs with good access to schools and green spaces.
Not surprisingly, these suburban properties tend to sell relatively less than the size suggests, due to their infrequent transaction.
This helps protect the value of your assets, even when the market is sluggish, as you have less opportunity to buy.