Adelaide’s favorite suburbs: People stay forever,
House hunters hoping to buy a home in Millswood may need a backup plan.
Recent PropTrack data reveals that homeowners in this inner-south suburb retain their houses for nearly 18 years on average.
This makes Millswood the suburb with the longest hold period in South Australia.
Crafers West in the Adelaide Hills follows closely, with owners keeping homes for an average of 17.8 years.
In St Morris, homeowners stay for an average of 17.6 years, highlighting the trend of long-term ownership.
Kensington Gardens averages 17.3 years, while Minlaton in the central Yorke Peninsula sees 16.9 years on average.
Hamley Bridge follows at 16.7 years, and Yorketown in the southern Yorke Peninsula averages 16.6 years.
Leabrook has an average hold period of 16.5 years, while Rose Park sees 16.4 years.
Finally, Kingswood rounds out the top ten with an average of 16.3 years.
Alistair Loudon from Ouwens Casserly Real Estate Adelaide stated he is not surprised by Millswood’s top position.
He personally chose to live in this tightly held suburb 17 years ago.
“Millswood features tree-lined streets and character homes on large blocks,” he explained.
Additionally, it is conveniently located near amenities with excellent neighbors and a strong community atmosphere.
“So, I’m not surprised by these statistics,” he continued.
He believes this figure is steadily increasing due to the lack of available homes for a long time.
“Since the pandemic began in early 2020, people tend to stay in their homes longer,” he noted.
Many homeowners are hesitant to move, questioning why they would leave if better options aren’t available.
Diana Coyle recently sold her family home at 9 Lanor Ave with her four siblings.
She fondly recalls growing up in Millswood, filled with many cherished memories.
“The home has been in our family for over 50 years,” she shared.
She remembers her mother telling her they purchased it for only $15,000, which was significant back then.
“We loved living in the area and walking everywhere, with many friends nearby,” she added.
“While we wish to keep it in the family, that’s not possible now.
I would love for another family to move in and give it the love it deserves.
They should enjoy living there as much as we did over the years.”
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PropTrack economist Paul Ryan noted that suburbs where owners stay for around 20 years tend to be very family-friendly.
These areas are often suitable for various life circumstances, making them appealing to different families.
He mentioned that common features of such suburbs include quality schools, substantial housing allotments, and access to employment opportunities.
While a loyalty tax affects consumers in many areas, remaining in one place can lead to wealth in property ownership.
“The most expensive thing you can do in property is to move home,” Mr. Ryan explained.
He highlighted that there has been significant growth in the past 20 years, benefiting homeowners.
For owner-occupiers, all capital gains from their homes are tax-free, which is an important advantage.
For many individuals, staying in one home will become a key part of their retirement strategy.
This approach ensures they accumulate significant funds that appreciate in value until they decide to downsize.
However, Mr. Ryan pointed out that many families entering the market today will likely need to move multiple times.
As their life circumstances change, this trend may prevent future generations from building wealth without incurring additional stamp duty costs.
