The Australian suburbs where no one wants to sell up
Research reveals the suburbs people never want to leave
2 min
New data has uncovered the most tightly held suburbs across Australia, where happy homeowners very rarely sell up.
According to research firm PropTrack, the average time Aussies own their home has jumped by a quarter over the past decade to a whopping 11 years.
“The most tightly held suburbs tend to be those that appeal to a wide range of different people, from young families to retirees, and are often located in the middle and outer suburban rings,” PropTrack economist Anne Flaherty said.
These hot areas usually have sought-after amenities like good schools and shopping options, as well as appealing lifestyle characteristics such as parks or proximity to the water, Ms Flaherty added.
Clarinda in Melbourne’s southeast is the most tightly held suburb in the country, where houses are owned for an average of 24 years.
The top suburb for units is popular Cremorne Point on Sydney’s Lower North Shore, where apartment owners don’t budge for an average of 17 years.
Arncliffe in the city’s south is the tightest held for houses nationally at 21 years.
That suburb has seen soaring demand in recent times, particularly among young families and first-home buyers, with the median house price jumping from $1 million at the end of 2019 to $1.54 million currently.
Reflecting the strength of property markets in Australia’s two largest capital cities in the past decade, no Queensland suburbs made the top 10 list for houses.
However, Rochedale South in Brisbane’s south appeared in the units list with an average hold time of 15 years.
Two other areas outside of Sydney and Melbourne also appeared. Perth pockets Shelley and Kalamuna each have average hold times of 15 years.
Ms Flaherty said tightly held suburbs tend to have a high proportion of owner-occupiers and a higher median resident age.
The dominant dwelling type is also usually a detached house and areas are well-connected to CBDs via quality transport infrastructure, she added.
On the flipside of things, PropTrack also crunched the numbers on the suburbs with the shortest hold times, with semi-rural Pimpama on the northern fringe of the Gold Coast ranking first at four years.
When it comes to units, Hope Island, also on the Gold Coast, has the quickest tenure with four-and-a-half years.
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The penthouse unit at 80 Columbus Circle in Manhattan spans 8,000 square feet and once set a price record for the city.
2 minEight is definitely someone’s lucky number—especially when a few zeros are tacked on at the end.
The top-floor unit of the 80-storey 80 Columbus Circle in Manhattan is coming to market for the first time in more than 20 years and asking a nice round $80 million.
The full-floor unit spans over 8,000 square feet and is part of the Mandarin Oriental Residences above the hotel in the Deutsche Bank Center. It has eight rooms with eight ensuite baths, each with its own walk-in shower.
It last sold in 2005 for a hair under $30 million to cosmetics executive Sandie Tillotson, a founding member and senior vice president at the Utah-based Nu Skin Enterprises. She agreed to purchase the unit in 2001 while the complex was under development as the Time Warner Center.
Today, the six-bedroom apartment features spacious living areas and views from every room, including a close-up view of Central Park and panoramic 360-degree vistas stretching to the Mario M. Cuomo Bridge, according to listing agent Eva J. Mohr of Sotheby’s International Realty.
“There are windows all the way around,” Mohr said. “The views are spectacular and there are no obstacles in front of the windows.
The apartment comes with a library and cinema, a primary bedroom with its own lounge, an oversized kitchen, a corner breakfast area with two glass walls and a utility room with caterer-level equipment and two sinks—one for prepping flowers and the other for bathing pets.
The 80th-floor unit has never been resold and was rarely used by the seller, according to information provided by the listing agency. The corresponding top-level unit in the complex’s second tower just sold. That unit once belonged to Related Companies boss Stephen Ross and sold for $50.7 million in an off-market deal last week.
“The one that went for $55 (sic) million was completely redone with marble and it was beautiful, but you don’t have the views,” Mohr said.
When Tillotson bought the property, the $30 million contract was a record price for a condominium, according to the New York Times. In 2005, the apartment was delivered as “8,200 square feet of raw space” and Tillotson brought her own team to do the interiors, the Times reported.
Tillotson’s Nu Skin is a seller of anti-ageing and wellness products that was founded in the 1980s and is active in more than 50 international markets, particularly in China. The publicly traded company has also recently expanded into India. Nu Skin has several thousand permanent employees at its Provo, Utah, headquarters as well as tens of thousands of salespeople worldwide.
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