The Aussie suburbs where owners never want to leave have been revealed, with some refusing to budge for up to 22 years.
And they range from multimillion-dollar suburbs to family-budget friendly locales.
Much like Darryl Kerrigan in Aussie cult classic The Castle, if you think they are moving in a hurry, you’re dreamin!
Classic Aussie movie The Castle, which featured the Kerrigan family who refused to budge
The latest REA Market Trends report shows that homeowners in Church Point in Sydney’s Northern Beaches have the strongest grip on their castles, with the average hold period for houses sitting at 21.51 years.
There, the median house price is $3,977,500 – an increase of 72.6 per cent in five years.
This fixer-upper at 10 Walker Place, Church Point, is listed with a price guide of $2.9m
It was followed by Mount Ommaney in Brisbane, where the average hold period is 21.51 years and the median house price is $1.45 million, up 62.9 per cent since 2019.
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It is slim pickings in tightly-held Mount Ommaney, with 12 Hely Place going to auction on September 8
Rounding out the top five most tightly-held suburbs nationally were Morangup in Western Australia’s Wheat Belt (21.18 years), Macgregor in Brisbane (20.77) and North Yunderup in the Madurah region, also in Western Australia (20.75).
There were 12 NSW house suburbs that made the national list, including Killarney Heights (20.26), Yarrawarrah (20.08), Abbotsbury (20.06), Wakeley (19.62), Berowra Heights (19.54), North Epping (19.3), Blackbutt (19.28), Croydon Park (18.87), Yowie Bay (18.75) and Belrose (18.6).
8A Yarra Vista Court, Yarrawarrah, is the only property listed for sale in this suburb
One NSW unit suburbs made the list – Dolls Point, with an average hold period of 20.69 years.
Median price ranged from $797,6500 (Dolls Point) to $3,977,500 (Church Point).
Queensland had five suburbs in the national top 25, all for houses.
They included Mount Ommaney, Macgregor, Battery Hill (20.57), Wishart (19.39) and North Maclean (18.66).
Victoria had two house suburbs – Ivanhoe East (19.98 years) and St Helena (19.33).
Kingswood (units, 19.91) and Minlaton (houses, 19.58) in South Australia also made the list, as did the house suburbs of Morangup (21.18) and North Yunderup 20.75) in Western Australia.
2 Algona Court, St Helena, is on the market for offers between $1.15 million and $1.25 million
On the flip-side, Donnybrook in Victoria sees houses change hands on average in nine months, followed by Taylor (1.84 years) and Denman Prospect (1.85) in the ACT, Bonnie Brook (1.85) and Deanside (1.92) in Victoria, Strathnairn in ACT (2.09), Melonba in NSW (2.16) and Burrum Heads (2.27) and Nikenbah (2.36) in the Wide Bay region in Queensland.
Units in Newport in Queensland’s Moreton Bay region (2.08) also made the list of suburbs with the shortest hold period.
PropTrack Senior Economist Eleanor Creagh said that Australia’s most tightly-held suburbs were held for a number of reasons, including amenities, lifestyle, community and capital gain.
“The most tightly-held ones are held for more than double the national average,” Ms Creagh said.
“There are many reasons why, and those reasons incentivise people to stay longer.”
PropTrack senior economist Eleanor Creagh Photo: Supplied
Ms Creagh said many of the suburbs were located in the middle and outer ring suburbs of capital cities or major towns, and appealed to a wide demographic, from couples and families to retirees.
She said they also had a number of things in common, from good schools and amenities, to major infrastructure, public transport and proximity to water.
“We tend to see these well-established suburbs stay relatively the same and they tend to be better insulated from any price fluctuations,” she said.
“Forty percent of the most tightly-held suburbs are in Sydney, which is likely because it is an employment hub which makes it less transient.
“It also has a much higher stamp duty burden given it is the most expensive market, and that can also discourage buying and selling in quick succession.”
Perhaps, in the words of lawyer Dennis Denuto in The Castle, it is “the vibe”.
Scene from the classic Australian movie The Castle showing lawyer Dennis Denuto in court for the Kerrigan family, who fought against developers
In Queensland, Ms Creagh said that many of the most tightly-held suburbs had good school catchments.
She said that while they did not know if the suburbs were tightly-held by owner occupiers or investors, she said many suited a wide demographic, from growing families to retirees.
“For others, it is lifestyle and ocean proximity so they could also be holiday homes,” she said.
Australia’s most tightly held suburbs – houses and units. PropTrack
It comes as PropTrack predicts and uplift in real estate activity across all capital cities this spring.
Brisbane remains one of the hottest real estate markets in Australia, and the city is expected to see more homes hit the market.
“We had a 20 per cent uplift in appraisals through August and that’s usually the first step when they’re thinking of selling,” Place Estate Agents managing director Sarah Hackett said.
“We’re noticing that that stock is converting to listings, so we feel like there’s going to be more stock on the market for buyers to choose from in spring.”
Brisbane is hot property
Sydney is also set to see a “healthy” number of new listings come to market this spring.
“The one thing that’s going to be slightly different this spring is the total listing volume might start to grow as clearance rates aren’t as strong, and we’ve got more property staying on the market for longer,” BresicWhitney chief executive Thomas McGlynn told realestate.com.au.
“Total listing volumes will remain quite high and I think that will certainly be a trend this spring.”
There may some repreive for buyers in Adelaide in Spring Picture: Supplied by JLL
Melbourne real estate listings have grown even more than Sydney, yet Jellis Craig chief executive Andrew McCann expects a balanced spring market nonetheless.
“We think there will be a healthy volume of property available for spring, and we think it’s going to be fairly well satisfied by pent-up demand,” Mr McCann said.
In Adelaide, Ms Creagh said that listings had been constrained for some time, but the number of new listings was starting to increase.
Hobart remains one of the most buyer-friendly capital city property markets, with high listing numbers and home price declines, according to PropTrack.
Perth’s real estate market is expected to remain extremely tight despite an influx of new listings hitting the market.
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