Australians are staying in their homes for longer, with the average number of years a capital city house is owned climbing to 10.5 years from 6.8 years a decade ago.
CoreLogic RP Data analyst Cameron Kusher says this has been a trend since the middle of 2005, as this chart shows:.
“We’ve also noticed that the trend towards homes being held for longer is evident across each individual capital city where on average, houses are currently held for longer than units,” Kusher says.
“High home entry and exit costs no doubt play a large role in homes being more tightly held. Charges levied on the sale price, such as stamp duty and agent commissions, no doubt act as a disincentive for home owners to move on a more regular basis or alternatively move to more appropriate accommodation as their needs evolve over time.”
Here’s the data for capital cities:
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