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We’re holding on to properties for longer

15 Jul 2013 Glynde 0 Comment

Adelaide home owners are holding on to their properties almost twice as long when compared with ten years ago.

Data from RP Data on states that in Adelaide in 2002, the average length of house ownership was 4.5 years. In 2012, this rose to 8.1 years.

From a national perspective, the average length of house ownership was 9.3 years and 8.2 years for units.

The cost of real estate transactions is one reason given as to why people are holding on to properties for longer. Professionals CEO, Ted Piteo, says costs such as stamp duty on a purchase act as a huge disincentive to regular property transactions, particularly in slower property markets such as those of the last 4-5 years.

“What will be interesting to see is whether this trend continues now that home values are starting to show more growth. People are more likely to sell and buy when the market is moving higher and they can potentially capitalise on growth,” he said.

On average, the shortest hold periods for homes were in mining and resources regions, such as Port Hedland in Western Australia, where the hold period for houses was 4.4 years and in Weipa, Far North Queensland, where it was 3.4 years for units.

Properties in coastal regions and farming areas tended to be held the longest.

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