The suburbs where nobody wants to sell

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It’s no use buying an investment property in an area that nobody wants to live in and then praying for capital growth, but there are several suburbs where it seems that the owners never want to leave – holding on to their properties for an average of between 17 and 20 years. And guess what? Median prices in the top 10 are as low as $90,000.

Your Investment Property has delved into the January figures from RP Data to reveal the ten suburbs with the longest average hold periods, and has found a selection of areas where owners cling on to their homes for up to two decades. (Scroll down to see the list).

State

Suburb

Type

Median Price

12 month Growth

Average Annual Growth

Gross Rental Yield

Average Hold Period (yrs)

VIC

ESSENDON WEST

H

$735,000

-2%

8.5%

3%

20

VIC

LAKE BOGA

H

$199,900

22%

10.3%

n.a

19

NSW

KILABEN BAY

H

$405,000

-2%

10.8%

5%

19

NSW

BUNDEENA

H

$760,000

22%

6.9%

3%

18

VIC

WYCHEPROOF

H

$90,000

n.a

n.a

n.a

18

NSW

RODD POINT

H

$1,37,0000

8%

8.7%

3%

17

TAS

MONTAGU BAY

H

$347,500

n.a

n.a

n.a

17

NSW

DANGAR ISLAND

H

$810,000

7%

1.2%

n.a

17

VIC

WATSONIA NORTH

H

$467,500

-12%

8.2%

4%

17

VIC

SMITHS BEACH

H

$367,500

-19%

11.4%

n.a

17

Source: RP Data, Jan 2012

Victoria takes out the top two spots, with houses in Essendon West (20 years) and Lake Boga (19 years) taking first and second places respectively. In fact, houses in Victoria account for five of the top ten suburbs with the highest average hold periods, with fifth placed Wycheproof (18 years), ninth placed Watsonia North and tenth placed Smiths Beach (both 17 years) adding to the Garden State’s tally.

New South Wales houses account for four of the top ten, while Tasmania has one entry – houses in seventh placed Montagu Bay (17 years).

Interestingly, it’s not only top end suburbs where owners are hanging on to their properties for up to two decades. While Rodd Point in NSW breaks the $1m mark with a median house price of $1.37m, Wycheproof has an astonishingly low median house price of $90,000 according to RP Data. Perhaps its remote location, around 300km from Melbourne and around 150km from Bendigo has played its part in creating such a low median.

There’s also a wide range of performance figures when it comes to capital growth. Eighth placed Dangar Island, for example, recorded a disappointing average annual growth over the past 10 years of just 1.2%. Tenth placed Smiths Beach has the highest average annual growth rate of the top ten, but its 12 month performance is a worrying -19%.

Read on for a state by state roundup of the five suburbs with the longest average hold periods, according to RP Data's January figures. 

State

Suburb

Type

Median Price

12 month Growth

Average Annual Growth

Gross Rental Yield

Average Hold Period (yrs)

ACT

REID

U

$430,000

-19%

7.8%

n.a

15

ACT

KALEEN

U

$439,000

-13%

12.2%

n.a

14

ACT

ISAACS

U

$526,225

0%

8.7%

5%

13

ACT

MACARTHUR

H

$512,000

-5%

7.2%

n.a

13

ACT

FORREST

H

$1,700,000

-6%

9.4%

n.a

12

NSW

KILABEN BAY

H

$405,000

-2%

10.8%

5%

19

NSW

BUNDEENA

H

$760,000

22%

6.9%

3%

18

NSW

RODD POINT

H

$1,370,000

8%

8.7%

3%

17

NSW

DANGAR ISLAND

H

$810,000

7%

1.2%

n.a

17

NSW

EASTGARDENS

H

$800,500

-12%

1.9%

n.a

16

NT

THE GARDENS

U

$515,000

14%

n.a

5%

8

NT

THE GAP

H

$419,000

9%

11.2%

6%

8

NT

WULAGI

H

$507,000

-3%

11.3%

5%

8

NT

DESERT SPRINGS

H

$695,000

5%

11.3%

5%

8

NT

LUDMILLA

H

$506,000

-17%

10.4%

6%

7

QLD

SHELDON

H

$700,000

-2%

10.0%

n.a

16

QLD

KANGAROO POINT

H

$739,500

3%

10.7%

3%

16

QLD

BRISBANE CITY

H

$650,000

5%

10.8%

4%

15

QLD

COOPERS PLAINS

U

$365,000

5%

10.7%

n.a

14

QLD

BATTERY HILL

H

$422,000

-3%

11.7%

5%

14

SA

CLAYTON BAY

H

$225,000

n.a

n.a

n.a

16

SA

WOODVILLE NORTH

H

$360,000

-3%

11.6%

5%

13

SA

CHRISTIE DOWNS

U

$209,000

n.a

n.a

n.a

12

SA

SALISBURY PLAIN

H

$287,500

-3%

10.7%

5%

12

SA

COFFIN BAY

H

$352,500

6%

12.4%

n.a

12

TAS

MONTAGU BAY

H

$347,500

n.a

n.a

n.a

17

TAS

MORNINGTON

H

$255,000

-7%

13.7%

6%

14

TAS

COLES BAY

H

$275,000

-20%

14.0%

n.a

12

TAS

HAVENVIEW

H

$192,500

4%

14.2%

n.a

12

TAS

SISTERS BEACH

H

$228,500

-13%

14.0%

5%

11

VIC

ESSENDON WEST

H

$735,000

-2%

8.5%

3%

20

VIC

LAKE BOGA

H

$199,900

22%

10.3%

n.a

19

VIC

WYCHEPROOF

H

$90,000

n.a

n.a

n.a

18

VIC

WATSONIA NORTH

H

$467,500

-12%

8.2%

4%

17

VIC

SMITHS BEACH

H

$367,500

-19%

11.4%

n.a

17

WA

WANDI

H

$855,000

n.a

n.a

n.a

16

WA

NORTH YUNDERUP

H

$370,000

10%

14.2%

4%

14

WA

MIDDLETON BEACH

H

$642,000

n.a

n.a

2%

14

WA

MURDOCH

H

$650,000

-9%

10.0%

4%

13

WA

COLLINGWOOD HEIGHTS

H

$325,000

n.a

n.a

5%

12

Source: RP Data, Jan 2012

For more in-depth analyses, forecasts and insights into where property markets are going, grab a copy of the latest Your Investment Property, available at news agencies, or subscribe by clicking here.

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