Some of the most close-knit suburbs in Australia have a waiting period of at least 20 years.

According to a report by CoreLogic and Ray White, the average waiting period across Australia is 11.4 years for houses and 10.6 years for units.

Owners in Melbourne hold onto their homes the longest at 12.6 years, while units in Perth remain occupied the longest at around 10.8 years.

Of all the suburbs, Sadleir is the most detained, where houses have an average waiting period of 22 years, more than double the waiting period in Sydney.

Located in southwestern Sydney, Sadleir has an average price of $680,000.

Melbourne’s Tullamarine had the second-highest average wait time at 21.8 years.

Homes in Tullamarine have an average price of $705,000.

The suburbs of Sydney and Melbourne were the ten most closely knit markets in all of Australia.

Suburbs with the longest waiting times

suburb

City

Median Price ($)

Average Retention Period

Saddle

Sydney

680,000

22 years old

Tullamarin

Melbourne

705,000

21.8 years

Vermont South

Melbourne

1.3 m

20.8 years

Malabar

Sydney

2.68m

20.6 years

Milperra

Sydney

950,000

20.6 years

Cambridge Gardens

Sydney

697,500

20.4 years

Heidelberg

Melbourne

1.36m

20.2 years

Keilor Downs

Melbourne

722,500

19.9 years

Kings Park

Melbourne

570,000

19.8 years

St Johns Park

Sydney

900,000

19.8 years

Why people rarely sell in these suburbs

According to the report, several factors may explain why homes in the suburbs above are almost never sold.

One factor is affordability – of the 10 suburbs in the list, three have a median price of over $1 million, with houses in Malabar being the most expensive at $2.68 million.

“The suburbs are not particularly expensive, showing that you don’t have to live in the most expensive suburbs to enjoy living there,” the report said.

Another factor is the high proportion of older residents in these suburbs.

The report said long wait times often reflect the general sense of suburban lifestyle.

“Many of these areas contain older people who would have bought when the neighborhood was just being developed. Over a long period of time, they have become attached to the neighborhood and decided not to move.”

In addition, many suburbs with long waiting times have large houses on decent blocks.

“There are no very large houses that could explain why older people can stay in the suburbs,” the report said.

“Many of the suburbs on the list are pretty nice places to live; they include established shopping areas and parks, and most have decent public transportation.”

Photo by Matt Donders on Unsplash

Top Suburbs: Coolbellup, Marrickville, Nundah, Belmont, Geelong West

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