PHOTO: Mr Rechichi said in a lot of cases, people would like to sell and move on. Credit: Image Source/Getty Images/Image Source
Australian homeowners are living in their properties an average 2.6 years longer than a decade ago, according to data from realestate.com.au, spending 10.6 years in houses and 9.5 years in units – up from eight and 6.9 years respectively in 2010.
The industry platform said this was not necessarily a matter of homeowners being more comfortable, with rising housing and transactional costs, as well as an ageing population, making a move infeasible for many.
That said, the data showed hold periods decreased in all capital cities except the Australian Capital Territory in May 2020, with realestate.com.au Executive Manager of Economic Research Cameron Kusher attributing this to low interest rates.
Camillo was the Perth suburb with the highest average hold period of 15.9 years, according to the data, up from 7.6 years in 2010.
LJ Hooker Thornlie & Canning Vale Licensee John Rechichi, who has dealt in the area for almost four decades, said although the number was higher than anticipated, it made sense given the cost of moving.
“You’ve got commission you’ve got to pay, then stamp duty, removal costs, settlement agent fees – it becomes an expensive exercise,” he said.
“Where they can, I’ve seen a lot of people renovate, which is another reason I think people are staying longer. They want a new, modern kitchen or a renovated bathroom.”
Mr Rechichi said the decline of the market had made it difficult for those who bought at the top.
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