UPDATE: New data reveals Melbourne’s most desirable suburbs are witnessing record hold times, indicating a strong desire among homeowners to remain in their communities. According to Cotality, properties in the prestigious suburb of Portsea have the longest median hold period at 21.9 years, reflecting a significant commitment to these sought-after neighborhoods.
The latest figures indicate that buyers in Melbourne are increasingly opting for stability, with many residents holding onto their properties for decades. The median dwelling value in Portsea stands at a staggering $2.64 million, making it a prime example of a suburb where homeowners are unlikely to sell. Following closely are Vermont South and Tootgarook, with median hold periods of 20.6 years and 18.9 years, respectively, and median values of $1,488,000 and $897,000.
Cotality’s head of Australian research, Eliza Owen, notes that these suburbs are characterized by long-term residents and low rental rates. “What we usually see with suburbs associated with long hold periods is they tend to be areas where families have established roots,” Owen explains. “Suburbs with fewer renters often attract young couples who buy their homes with the intention of staying long-term.”
Even more striking, a cluster of affordable suburbs in the Brimbank council area, located west of Melbourne, also ranks among the longest-held neighborhoods. Keilor Downs, Delahey, and Taylors Lakes have median hold periods ranging from 16.2 years to 16.7 years, with values between $700,000 and $1 million. This trend highlights the enduring appeal of these communities, especially among families.
Local resident Dimitra Mouyis, who has lived in Keilor Downs her entire life, expresses her desire to buy in her home suburb, stating, “I rarely had to leave the area. It feels like home.” Her sentiment echoes the broader trend of stability in Melbourne’s housing market, where many residents prefer to invest in their long-term living situations rather than move frequently.
As the market evolves, potential buyers and investors should keep a close eye on these suburbs, which demonstrate resilience and a strong sense of community. The urgency to secure a home in these areas is palpable, especially as prices continue to rise.
What’s Next: Homebuyers are advised to act quickly, as demand in these long-held suburbs shows no signs of slowing. Those looking for a forever home should consider exploring options in these neighborhoods before prices escalate further. Stay tuned for updates on market trends and emerging neighborhoods in Melbourne.
