Victorians have forgone the idea of selling their property in favour of staying put, according to RP Data senior research analyst Cameron Kusher.
Mr Kusher said how long a property is owned for is an important indicator in the selling process and good guide for agents as to where potential vendors are.
“It can also help to determine likely equity in a property,” he said.
Nationally over the 12 months to May 2009, the average hold period for houses was 7.5 years and the average hold period for units was 6.6 years.
Essentially what this means for houses is that 7.5 years ago the median value was recorded at $265,557 and in May this year the median house value was $495,700.
Based on this, the average value of those houses sold last year has increased by $230,143 since purchased, at a rate of 8.7 per cent annually.
For units, the national hold period is 6.6 years and based on a median value 6.6 years ago of $279,785 and a current median of $406,587, the average unit vendor during the last year has seen the value of their property increase by a total of $126,802 since they first purchased or by 5.8 per cent annually.
On a state-by-state basis, Victoria had the longest average hold period across sales during the last year at 8.7 years followed by properties in New South Wales 8.3 years, ACT 7.5 years, Queensland 6.8 years, Tasmania and Western Australia both 6.5 years, South Australia 6.2 years and Northern Territory 4.5 years.