Sydney's most tightly-held suburbs
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Sep 5, 2018
Sydney's most tightly-held suburbs
Residents are reluctant to give up their patch in these suburbs, according to data from CoreLogic.
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Image by Maximillian Conacher via Unsplash
Think of Sydney's most exclusive suburbs where you practically need a key to get into the property market, and Mosman, Vaucluse, and Point Piper probably spring to mind.
But Sydney's most tightly-held suburbs are actually more likely to be found in the middle to the outer rings of the city.
Berala, Queenscliff, North Strathfield, Silverwater, and Enfield were the five most tightly-held suburbs, with an average hold period of more than twenty years, CoreLogic data analysis has shown.
The typical Sydney-sider sells their home every 11 years on average.
Related reading: Sydney, Melbourne and Brisbane in top 20 for global prime residential price growth
According to CoreLogic data, North Strathfield is the third most tightly-held suburb in Sydney.
Strong demand for a limited number of homes has driven prices up in the area. Over the last three years, North Strathfield’s median house price soared 102.3 per cent to $1.67 million.
Another tightly-held area was Concord, with an average hold period of 20 years.
Related reading: House price drops in Sydney and Melbourne not as "dramatic" as we are led to believe
Local agent Dib Chidiac of Raine & Horne Concord says the area is mostly made up of baby boomers.
"Most people have been living in the suburb for a number of years, so you've got people who bought twenty, thirty, or even forty years ago. Their kids have grown up in the area and when they do downsize, they like to move to a closer suburb like Breakfast Point," Mr Chidiac told WILLIAMS MEDIA.
12 Aitken Avenue, Queenscliff for sale through Anthony Walls of Max Walls, as featured on Luxury List.
"Concord is a very multi-cultural area. There are lots of young families and young professionals and they all like the area because it's close to schools, transport, and there's a fantastic shopping village nearby as well.
"Houses don't hit the market very often here. Baby boomers usually only sell once - they tend to hold on to their properties for thirty plus years, before selling and downsizing to a smaller apartment," Mr Chidiac said.
Most tightly-held suburbs
- Berala, 31 years
- Queenscliff, 21.4 years
- North Strathfield, 21.2 years
- Silverwater, 21.1 years
- Enfield, 20.6 years
- Bonnet Bay, 20.6 years
- Auburn, 20.6 years
- Rossmore, 20.5 years
- Vineyard, 20.3 years
- Concord, 20 years
Visit Luxury List to view currently available properties for sale in these suburbs.
Related reading:
Sydney’s most expensive rental suburbs: Bellevue Hill tops list at $2,695 a week to rent a house
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