Watsonia North in Melbourne’s north-east has claimed the ranking of Australia’s most tightly held suburb, one of several areas where homeowners stay put for more than 20 years before selling
Watsonia North is the most tightly held suburb in Australia, new data from CoreLogic shows.
CoreLogic head of research Tim Lawless said these suburbs were now seeing generational ownership and had hold times well above Melbourne’s averages of 9.1 years for a house and 8.1 years for a unit. Houses, he said, would always have a longer hold time as more investors bought units, selling up sooner than owner-occupiers.Unit owners who hold on to their properties for more than a decade are mostly in the middle and inner-city suburbs, with Black Rock topping the list at a median hold time of almost 16 years.
Price growth was also an attractive reason to hold on and not sell too quickly, he said. Many of the tightly held suburbs had house values above $1 million. Johnny Bozinovski is selling one Taylors Lakes home to buy another. He plans to stay there long term as many others in the tightly held suburb have.“I don’t think you’ll find somewhere like this that’s so close to the city … everyone knows each other and everyone gets together, like my mates, at The Lakes gym, or we get a coffee at Watergardens [shopping centre],” the 23-year-old electrician said.
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