Where SA homeowners are selling … and staying put
Over the past few decades, Australians have been holding onto their properties for longer periods than ever before.
Currently, the average duration a property owner keeps their property in Australia is 10.5 years, and in Adelaide it is 10 years.
This trend is influenced by a blend of economic, social and demographic factors.
Historically low interest rates have made mortgage repayments more manageable, reducing the urgency to sell.
Additionally, high transaction costs associated with selling a home, such as stamp duty, real estate agent fees and moving expenses, discourage frequent buying and selling.
PropTrack senior analyst Karen Dellow. Supplied
Seaview Downs in Adelaide’s South tops the list of Adelaide suburbs where house owners hold onto their properties the longest, with an average tenure of 17.6 years.
Prolonged ownership often stems from strong community bonds, desirable amenities and substantial financial investments.
Conversely, suburbs like Lightsview and Woodville Gardens exemplify shorter hold periods, with an average of six years.
Such rapid turnovers are frequently observed in developing areas where new estates and first-time buyers are prevalent.
Lightsview from the air. Pics: realestate.com.au
Units in Adelaide display similar variance with Broadview’s average hold period at 14.6 years, whereas Bowden units are being held for three and a half years on average.
The disparity often results from economic pressures and varying lifestyle preferences, with unit owners in newer or less established areas opting for more frequent moves.
Demographic changes also play a significant role in this trend. An ageing population tends to stay longer in their family homes, partly due to emotional attachment and because downsizing involves significant effort and cost.
The popular Plant 4 at Bowden. Supplied
Over the long term, property prices have risen substantially, prompting homeowners to hold onto their homes for longer with the expectation of continued capital growth.
Based on these factors, we anticipate a lengthening of the average time owners hold onto their properties in Adelaide, especially with the expectation of interest rate cuts in 2025.