According to an analysis conducted by the leading property data, information, analytics and services providers in Australia and New Zealand, CoreLogic, Australians own their homes for 10.5 years on average.
That number in capital cities climbed from an average of 6.8 years a decade ago to 10.5 in just the past 12 months.
Units on the other hand are owned for an average of just 8.7 years in the capital cities across the country.
Of all the homeowners in capital cities across Australia, it’s the Melbourne-based unit and house dwellers who hold on to their houses the longest at an average of 11.8 years.
Hobart and Canberra recorded the greatest increases for the average number of years’ homeowners owned their houses at 4.4 and 4.3 year increases respectively. Hobart and Adelaide recorded the greatest increases in units at 4.2 and 3.8 years respectively.
What do the numbers mean?
The figures show that homeowners across Australia in the unit and housing markets are moving less regularly than they have in the past. The CoreLogic report also identified the high costs of entry and exit fees of a home as a large reason homes being held more tightly by their owners.
These fees include charges that are levied on the sale price of the property such as stamp duty and agent commission which act as a disincentive for home owners to move on a more regular basis.