Purchasing property in Adelaide is a big step in your life. You'll need to save up for a deposit, pay the required tax and make sure you've got enough in the bank to pay of the mortgage. CoreLogic RP Data research shows that Australians are actually holding onto their property longer than ever before, and each of these factors could have a part to play.
Across the capital cities, the research found that the average length of time that a property is owned has increased significantly over the past decade. In the previous 12 months alone, homeowners are holding onto their properties for 10.5 years – a dramatic leap up from the 6.8-year ownership timeframe that was typical 10 years ago. This could suggest that households are shifting home and buying another property less regularly than ever before.
Those with property in Adelaide have followed this trend as well. Property owners in the city have held onto their houses for 3.8 years longer than they did previously, so the average hold period has increased markedly. It was 8.3 years in 2014, which is considerably higher than the 4.2 years recorded back in 2004.
Melbourne recorded the longest ownership period of any state capital at 11.8 years on average. Sydney trailed slightly behind with 11.2 years, and Brisbane further back still. Homeowners here are sticking with their properties for 10.2 years.
There are a number of things to consider when buying and selling a home. The report states that the staggering costs for either one could have an impact on how people move around. This is likely the culprit in expensive markets like Sydney and Melbourne, but real estate in Adelaide could offer a bit more flexibility. The lower median price of a home sits at around $450,000 according to CoreLogic's Daily Home Value index.
When compared to Sydney's astronomical $868,350, this might mean people are more willing to move from their homes, which may keep sales figures moving.
If you're on the path to selling your piece of real estate in Adelaide, the team at Ray White can help you through the process.