Why you could be waiting 21 years to buy in this suburb
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.
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.
'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.
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.
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.
'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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
31 minutes ago
- News.com.au
Melbourne tipped to lead 2026 property boom
Melbourne is set to lead the nation for home price growth in 2026, with new forecasts suggesting a typical home could surge almost $65,000. Nationally, house prices are only expected to increase by 4.5 per cent next year, according to the latest Residential Property Outlook from KPMG. Increases will be driven by improving sentiment, renewed investor activity and the growing likelihood of further rate relief. KPMG has updated its national forecast and named Melbourne as the top-performing capital in 2026, with house prices expected to rise 6.6 per cent — which would add $64,878 to the city's current $983,000 house price median, based on latest PropTrack home value data. It would equate a whopping about $178 a day. Melbourne unit prices in the city are also tipped to lift by 7.1 per cent, increasing the $609,000 typical unit's price by more than $43,000, and only surpassed by Darwin — with national growth only tipped for 5.1 per cent. KPMG chief economist Dr Brendan Rynne said Melbourne's property market was on the verge of coming out of its post-Covid slumber. 'We expect strong gains next year, particularly in the unit market, where affordability is much more favourable,' Dr Rynne said. Mortgage Choice Cheltenham's Rhys Elmi said demand in Melbourne was already picking up, especially among buyers trying to get ahead of future price growth. 'The people who were asking questions 12 to 24 months ago are finally acting,' Mr Elmi said. 'They know once rates fall, prices will rise, and they want to get in before that.' Mr Elmi said most borrowers were still choosing variable rates, even as fixed rates fell below 5 per cent. 'Ninety to ninety-five per cent of our clients are going variable,' Mr Elmi said. 'Everyone's expecting at least two more cuts over the next 12 months.' Arin Russell Property director and buyers advocate Arin Russell said high-income Western Australian investors had already begun shifting their focus to Melbourne, looking to cash in 'before the recovery accelerates.' 'They've had their Perth growth and now they're diversifying,' Mr Russell said. 'We're seeing people from Western Australia targeting Melbourne, some first-home buyers, some experienced investors, and they're chasing value.' In contrast, Perth's house price growth is forecast to be just 1.6 per cent in 2026, down from 4.7 per cent this year. It would mean an about $15,000 increase, with Mr Russell tipping worsening affordability and tight land supply to force buyers to look elsewhere. 'There's still demand in Perth, but it does feel like it's tapering,' he said. 'And the government hasn't kept up, they're too far behind to catch up now.' Sydney is expected to post $65,688 (4.2 per cent) house price growth based on its current $1.564m median and a $52,460 (6.1 per cent) lift in unit values next year, supported by strong employment and infrastructure-led demand. Dr Rynne said Sydney's sustainable growth was set to continue. 'The city offers world-class amenities, lifestyle, and job opportunities,' he said. In Brisbane, the $1.067m median house price could rise a more modest $33,000 (3.1 per cent) and units by $10,725 (1.5 per cent) from $715,000, after years of rapid post-Covid growth pushed the city out of the 'affordable alternative' category. Adelaide, which has led house price growth nationally this year, is expected to gain a more restrained $46,716 (5.1 per cent) from $916,000. A 3.7 per cent increase for units in 2026 would add about $23,000. Canberra's market is expected to rebound after a flat 2024, with house prices to rise about $46,000 (4.8 per cent) from $959,000. Units could be in for a 5.6 per cent uptick, worth about $33,000 when applied to today's $590,000 typical price. Darwin is tipped to outperform on the rental and investment front, with units set to jump almost $30,000 (7.3 per cent) for a $410,000 typical offering — the highest in the nation. The Northern Territory's typical house has been earmarked for a 5.1 per cent rise, worth $30,804. Hobart will record the slowest growth, with the city's $710,000 typical house price only likely to gain $12,000 as it rises 1.7 per cent. Its units will fare slightly better, with a 2.7 per cent increase likely to equate to a $15,687 rise for a $581,000 home.
News.com.au
31 minutes ago
- News.com.au
Calls for Vic Strata Commissioner amid owners corp review launch
The Victorian Government's is facing calls to appoint a dedicated Strata Commissioner amid claims dodgy owners corporation operators are dudding significant numbers of their residents. The rebuke from Australian Apartment Advocacy comes as the state has commenced a review into strata management calling for public submissions on owners corporation laws. The advocacy group has taken out their own advertising to promote it as they warn 'the government doesn't actually realise how treacherous this is'. AAA boss Sam Reece welcomed the establishment of the review, but has lamented its short time frame after it launched this week and gives the public and industry groups until just September 2 to respond. The state government has acknowledged a quarter of all Victorians live in homes subject to an owners corporation, and as part of the review is seeking feedback on issues relating to hardship payment arrangements, dispute resolution and breaches of owners corporation laws. It will also review 2019 changes to the short stay accommodation act around dodgy operators in that space, and if they are proving effective. This has sparked calls for a statewide register of short-stay accommodation landlords, which has previously been backed by major operators including Airbnb. In a submission they will make to the review, Ms Reece said they would be calling for a Strata Commissioner to tackle the trouble-plagued sector. 'It needs a dedicated resource with a bit of clout and power,' she said. The apartment advocate warned there had been instances of owners corporation managers 'colluding with developers' and others dudding owners by thousands of dollars choosing insurers who provided the biggest commissions or 'kickbacks', while more affordable insurance options were ignored. Ms Reece said anyone who had encountered similar, or other significantly poor behaviour from owners corporations needed to respond to the review as 'the government doesn't actually realise how treacherous this is'. 'There are good operators out there, but at the moment we need to get rid of the bad apples,' she said. With concerns around owners corporations driving many who buy an apartment to instead choose a house for their next purchase, and also impacting people's willingness to purchase apartments off-the-plan, she warned a lack of reforms off the back of this review had the potential to directly impact government plans to boost housing supply. 'It will have a long-lasting legacy, especially if you don't get it right and provide the right protections now,' Ms Reece said. The review is headed by former consumer affairs minister Marsha Thomson, with the panel also featuring economist Karen Chester and owners corporation law expert David McKenzie. Current Consumer Affairs minister Nick Staikos said the panel would aim to respond to the needs of those living in strata housing. 'One in four Victorians live in a strata-managed property and this public consultation will provide valuable insights into the experience, issues and concerns of Victorians who are involved with owners corporations,' Mr Staikos said. Other considerations of the review include the share of owners who need to agree before the sale of common property, unfair contracts and conflicts of interest. Public consultation continues until September 2.
News.com.au
31 minutes ago
- News.com.au
Kochie's blunt warning: RBA must slash rates harder
Finance guru and former Sunrise host David Koch has warned the Reserve Bank's rate cuts have not been enough, urging the peak body to go harder or face the consequences. This after Compare the Market research showed the shock fallout of the RBA's rate hikes on Australians whom Mr Koch said 'carried the nation through the cost-of-living crisis'. He said rate cuts of 0.25 per cent in February and May would have reduced monthly repayments by around $193, and another cut in August could push that figure to $307 – a reduction of $3,684 over a year. Mr Koch said it was time for RBA to give people with a mortgage real break and a much bigger cut. He warned that if RBA didn't give homeowners what they deserve, they need to take matters into their own hands and give themselves the biggest rate cut they could find. 'Someone with an average loan of around $600,000 would have seen their monthly repayments rise from $2,218 to $3,694 as the cash rate increased to 4.35 per cent between May 2022 – November 2023,' he said. 'That's $1,477 a month – around $17,700 in extra repayments over a year.' Shock as lenders slash rates to lowest level in 2 years Mr Koch said 'young homeowners paying off a mortgage have carried the nation through the cost-of-living crisis'. 'They've had the worst of everything – higher prices at the supermarket, higher rates at the bank, plus the cost of everything from insurance to council rates going up.' 'And of course, they had to spend much more to purchase a home in the first place.' 'It's thanks to their efforts that inflation is back in the Reserve Bank's target range. They've tightened their belts, cut back on spending, and reckon it's time some of that pressure came off.' He said 'we can't rely on the Reserve Bank or backs and lenders to deliver mortgage relief'. 'That means we have to be more vigilant ourselves to make sure we're getting a good deal.' He said Compare the Market's database found a 0.50 percentage point difference between advertised rates from big banks. 'You can effectively create a rate cut of your own,' he said. 'If you haven't refinanced in a few years, it might be time to take a look and see if you can save with a lower rate.' 'If you've paid down your loan, and your home has increased in value, you might be able to achieve an even bigger discount.'
