Perth owners hold onto their homes

Stock image.
Stock image.

PERTH property owners are holding onto their homes for longer according to CoreLogic data.

Houses changed hands every 11 years on average, with units held for 10.8 years.

That’s nearly five years longer than 10 years ago when these figures were 6.2 and 5.9 years respectively.

Nationally, the average length of home ownership sat at 11.3 years for houses and 9.6 years for units, an increase of 3.8 years for houses and 2.9 years for units since 2009.

Source: CoreLogic.

Over the last year, houses in Melbourne recorded the longest period of ownership at an average of 12.5 years, while Perth came in with the longest average hold period for units.

At the opposite end of the spectrum, houses in Darwin were typically held for 9.2 years and Canberra units on average 8.7 years, the shortest average hold period across the capital cities.

Source: CoreLogic.

Across the country WA made up 10 of the 20 council regions for the longest hold period for units.

Armadale topped the list, with owners keeping their units for an average of 13.4 years.

East Pilbara ranked first for the shortest average hold period for both houses (7.7 years) and units (3.8 years).

Source: CoreLogic.

Research analyst Cameron Kusher said the data suggested home owners were much more reluctant to sell their property than they were a decade ago, which was also highlighted by the ongoing decline in sales transactions. “Other factors such as the rising cost of selling and purchasing property, combined with affordability constraints across some Australia’s more expensive capital cities contribute to owners holding onto their properties longer,” he said.

“It’s expected that this trend will continue over the coming years given such concerns aren’t likely to see much improvement in the near future.”

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