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Staff Reporter
Australian property owners are holding on to their homes for longer, new research has found.
According to the latest statistics from RP Data, Melbourne is leading the way for the other capital cities, with the average home owner holding on to their property for 4.3 years.
On a national scale, data for the year to August 2010 showed that houses sold over this period were owned on average for 8.3 years, while units were owned for 7.2 years. Ten years prior, houses on average, were owned for 6.8 years and units for 6.2 years.
RP Data's research analyst Cameron Kusher said the average hold period for houses has increased by 1.7 years during the past five years and by 1.4 years for units.
During the five years to August 2010, house value growth for some of the nation's capital cities has been slower than previous years, which, as Mr Kusher explains, is probably why property owners are holding onto their properties for longer as they await capital growth and a potential boost to equity.
"But with properties transacting less frequently it may result in greater difficulty in obtaining listings for agents, particularly in established areas which are unlikely to see a substantial introduction of new supply," he said.
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