The latest research from CoreLogic revealed that only 4.9% of total dwelling stock nationally transacted over the 12 months to June 2016, meaning it would take around 20.5 years for the total national housing stock to turnover.
Western Australia’s Ashburton had the lowest level of housing stock turnover at only 0.5%, since only 12 out of 2,405 dwellings were sold over the year. This was followed by East Pilbara in Western Australia and Central Darling in New South Wales.
CoreLogic property market analyst Cameron Kusher said that regions linked to the resources sector were the ones with the lowest turnover.
“What is immediately noticeable is the prevalence of regions linked to the resources sector. These areas have been characterised as having plenty of properties for sale but few people actively looking to buy. As a result, in some of these regions only a small overall population of housing stock has actually transacted,” said Kusher.
Meanwhile, NSW’s Wingecarribee topped the councils with the greatest turnover of housing stock at 8%, trailed by Queensland’s Gold Coast at 7.9% and NSW’s Camden at 7.6%. The list was mostly composed of coastal and lifestyle towns while some of the areas had significant housing supply additions over the year.
“The increased level of turnover in lifestyle markets indicates that the popularity of purchases in these markets has returned after many years in the doldrums,” said Kusher.
He added that the trends are expected to continue throughout the coming years.
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