Why you could be waiting 21 years to buy in this suburb

It’s the suburb where homeowners are staying put for longer than most marriages last.

In a city where property is always on the move, Kenmore Hills is bucking the trend, with an average hold time of 21 years for a house — making it the hardest market in the state to break into.

About 20km further south in Durack, homeowners are also not willing to part with their houses, with the average hold time sitting at 18 years, according to the latest PropTrack figures.

In fact, homeowners in more than 500 suburbs across the state have held on to their properties for more than a decade, and 33 have stayed put for 13.2 years or more — the average period before divorce in Australia.

This five-bedroom house at 8 Brookvale Close, Kenmore Hills, is one of the few houses for sale in the suburb. It’s listed for offers over $1.59m.

RELATED: Qld’s most tightly held markets revealed

PropTrack economist Anne Flaherty said property hold periods had been gradually increasing as a long-term trend because of the rising costs associated with selling such as stamp duty.

Ms Flaherty said areas with popular schools, parks and shops tended to be high on the list, and many of those were in ‘middle-ring’ areas — not too close to the city, but well established with accessible transport options.

“The general trend when we see suburbs where the turnaround time is very high, generally these suburbs appeal to people across different life stages,” she said.

Realestate.com.au economist Anne Flaherty.

MORE: Agent cops industry fury after rival exposes fake sales, reviews

“Suburbs that offer access to childcare, schools, good amenity… suburbs that tick all those boxes people will generally stay in longer.”

When it comes to units, the highest average hold period is 15 years in the suburbs of Ferny Grove in Brisbane, Frenchville in Rockhampton, and Moffat Beach in Caloundra.

“Some of these areas could be second homes or investment properties, but there’s also that affordability piece — people could be living longer in units because they’re being priced out of affording a house,” Ms Flaherty said.

This three-bedroom house at 15 Firefly St, Durack, is one of the few houses for sale in the suburb. It’s listed for offers over $990,000.

This six-bedroom house at 91 Garie St, Wishart, is one of the few houses for sale in the suburb of Wishart.

MORE: Why the Aus property market is stacked against first time buyers

Records show about a dozen homes in Kenmore Hills that have been held by the same owners since the 1970s, and very few are currently listed for sale.

One property of note in the suburb is a luxurious, five-bedroom house on 2ha of land at 21-23 Gap Creek Rd.

Records show the home is owned by Simon Dyer, the CEO of Sealy Posturepedic, and it last sold in 2015 for $1.65m.

This five-bedroom house at 21-23 Gap Creek Rd, Kenmore Hills, is one of the few houses for sale in the tightly-held suburb.

MORE REAL ESTATE NEWS

Mr Dyer and his wife, Julie, clearly love the area as they also own an even grander property on 4.4ha in the neighbouring suburb of Brookfield, which they purchased for $6m last year.

Ray White Metro West agent Jo Langstaff said Kenmore Hills was “a family suburb, first and foremost”.

“People move in there with young families and they stay there because it suits them going through primary and high school,” she said.

This two-bedroom unit at 3/1 Bryce St, Moffat Beach, is one of the few units for sale in the tightly-held suburb. It’s listed for offers over $850,000.

“It’s a beautiful suburb, let’s face it. It’s big blocks, big homes, which do accommodate growing families; it takes you from little kids to grown adults, and it’s nearby everything.”

Ms Langstaff said the main reason people chose to sell was if they were downsizing, but she found most people continued to stay in the suburb long after the kids had left.

The post Why you could be waiting 21 years to buy in this suburb appeared first on realestate.com.au.