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Victorian longest hold period suburbs for houses and units


Attwood and Essendon West have been revealed as the Victorian suburbs homeowners are most reluctant to leave, with houses typically remaining in the same hands for almost two decades.

Realestate.com.au data shows the average hold periods for the suburbs are 19.6 and 19 years respectively.

House owners also stick like glue to Box Hill (18 years) Alphington, (17.7) and Eltham North (17.5).

And St Kilda West is viewed as a long-term destination for both house and unit owners, with average hold periods of 17.4 and 18 years respectively.

Realestate.com.au chief economist Nerida Conisbee said these suburbs reflected a demographic of buyers who had likely bought their “forever home.”

“The areas are popular with people who are wanting to settle down, and can afford a property where they are happy to stay,” Ms Conisbee said.

“It could be their second or third home they’ve purchased, which is why they aren’t in a rush to leave.”

Barry Plant Gladstone Park agent Nick Pugliese said Attwood residents were a loyal bunch, with many having lived there more than a decade.

The 20-year-old Alanbrae Estate in particular was “very tightly held”.

“Only a few properties open up there in the year. It’s home to a lot of people who have been there since day one,” he said.

Mr Pugliese said Attwood’s affordability for a suburb within 20km of the CBD was encouraging homeowners to move in.

The northwestern postcode has a $700,500 median house price, according to realestate.com.au.

“When people look at that ring around the CBD, Attwood generally falls into a more affordable price range than most other suburbs,” he said.

“It offers good value for money and has all the facilities people look for when settling down, including schools and childcare.”

Sean Robinson bought a family house in Attwood in May, after thoroughly researching the area.

“I like to do a lot of research before we buy, and I’ve noticed Attwood seems to be a suburb which holds its value well,” Mr Robinson said.

“Plus, we really like the area and can see ourselves staying here for a while.”

McGrath agent Michael Townsend labelled St Kilda West a “destination suburb” that attracted buyers by offering a desirable inner-city lifestyle.

“St Kilda West is an area that has remained unchanged for the past few decades,” he said.

“It has seemed to escape a lot of development, but has also become very popular.”

He said it was home to many families “who never want to leave”, but was also a popular market for downsizers.

Houses

1. Attwood – 19.55584 years

2. Essendon West – 19.06734 years

3. Box Hill – 18.05937 years

4. Alphington – 17.72921 years

5. Eltham North – 17.56882 years

6. St Kilda West – 17.40077 years

7. McKinnon – 17.38641 years

8. Springvale South – 17.27726 years

9. Vermont – 17.17249 years

10. Oakleigh – 17.02704 years

Units

1. St Kilda West – 17.98493 years

2. Kew East – 16.82447 years

3. Kingsville – 16.81556 years

4. Canterbury – 16.14326 years

5. Mont Albert – 15.55211 years

6. Surrey Hills – 15.30852 years

7. Alphington – 14.38534 years

8. Westmeadows – 14.10074 years

9. Moe – 14.06827 years

10. Carrum – 14.05721 years

Source: realestate.com.au, suburbs needed a minimum of 20 annual sales

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