Where Owners Won’t Sell
With listings down and supply low, it’s not surprising many owners are holding onto their properties for longer than ever before.
Analysis by PropTrack reveals the suburbs where buyers will need to move quickly when something is listed for sale, as owners generally tend to stay put for a long time.
Nearly all the suburbs in the top ten list of the longest-held properties are in New South Wales or Victoria.
Killarney Heights in northern Sydney is Australia’s most tightly held suburb with an average hold period of 20.1 years. Clarinda in Greater Melbourne is not far behind with properties held for an average of 19.2 years.
Many suburbs have experienced an increase in hold periods as owners worried if they sold they will not be able to secure another property due to a lack of listings in the past 18 months.
The number of new listings is finally starting to pick up according to PropTrack with 16.6% more new listings year-on-year as of February.
Capital cities had a stronger-than-typical February for new listings. In Sydney, Melbourne, Canberra, and Hobart the total number of properties listed for sale is now above the prior-decade average although in Brisbane, Perth, and Adelaide, it remains about 40% below.
