When people move into this historic Tasmanian village, they never want to leave.
New PropTrack research has revealed the most tightly held suburbs in Hobart, and Richmond was No.1.
On average, homeowners kept Richmond properties for 12.36 years before selling.
Each of the Top 10 suburbs has hold times exceeding 11 years. And they have all increased compared to hold times five years ago.
Exceed Property director Mandy Welling — a Richmond resident for the past 15 years — said the suburb’s appeal is its mixture of a small community with a rural feel, while being only about 20–25 minutes from Hobart’s CBD.
Richmond, Tasmania. Picture: Mercury Hobart
She noted that the historic village is also well serviced in the community and nearby, with services within 15 minutes in Sorell, Cambridge Park and Rosny.
“Richmond has a wonderful eclectic mix of real estate,” Mrs Welling said.
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Mandy Welling, Exceed Property director. Picture: Supplied
“You can walk up one street and admire a historic home, and then 10 steps later an architecturally designed modern masterpiece will grab your attention.
“A stroll down to the iconic bridge and riverfront is always a treat, regardless of the time of day or night.
“In a nutshell, I’d say it’s the lifestyle factor.”
Led by Richmond, Hobart’s Top 10 included Mount Stuart, Midway Point, West Moonah, Herdsmans Cove, Sandy Bay, Taroona, Lenah Valley, Blackmans Bay, and Moonah.
Mrs Welling said lifestyle would be a driver in many of these suburbs.
“Blackmans Bay and Mount Stuart boast ideal locations, are close to shops, services, have great views and more,” she said.
“In Sandy Bay, people would hold their properties for a long time primarily because it is a blue-chip location, a suburb that is aspirational and very convenient.”
Wondoomarook at No.383 Prossers Rd, Richmond.
A converted church at No.25 Bridge St, Richmond is listed with Emily Green for $1.98m-plus. Picture: realestate.com.au
Back in Richmond, Mrs Welling said the addition of the bypass has improved the township. “Walking through the town is beautifully peaceful since most families are already home and the excess traffic diverts onto the bypass,” she said.
“Richmond is the type of place where the community and local businesses embrace locals when they are in need. Covid was a prime example of this, with the community reaching out to give their custom to businesses to ensure they came out the other side.”
REA Group senior economist Anne Flaherty said the suburbs with the longest hold times were often in well-established areas that appealed to a range of different demographics.
“Suburbs that meet the needs of people at different life stages are likely to have a longer hold period,” she said.
The data shows Richmond’s median dwelling price — houses and units combined — is now $946,000, one of the highest among Hobart’s Top 10.
It is similar to Taroona, but still much more affordable than Sandy Bay.
This acreage at No.962 Richmond Rd, Richmond is listed with EIS Property for $1.395m-plus. Picture: realestate.com.au
No.8 Franklin St, Richmond is on the market with Harcourts Hobart for "Offers over $995,000". Picture: realestate.com.au
Most of the 10 suburbs have home prices in the $650,000 to $850,000 range, aside from Herdsmans Cove at a more affordable $440,000.
Higher home values in the most tightly-held suburbs could also contribute towards lower housing turnover, Ms Flaherty said, with homeowners potentially deterred from moving by big stamp duty bills on their next purchase.
“In more expensive suburbs, the stamp duty cost is so much higher that you have a much greater incentive to hold that property for longer, because it’s a big financial penalty every time you move,” she said.
“In some of these suburbs, the amount you’d be paying would be a really strong incentive to stay in that property longer.”
The most tightly-held suburbs for units were more likely to be found in higher-value inner city areas.
“Most of those are exclusive suburbs that have very high liveability,” Ms Flaherty said.
“They’re suburbs people aspire to be in because they have great amenity and they’re relatively easy distances from CBDs.”
Ms Flaherty said recent changes to property tax introduced in the federal budget could encourage homeowners and investors to hold onto properties for longer.
– with Daniel Butkovich
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