The Australian suburbs where no one wants to sell up
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The Australian suburbs where no one wants to sell up

Research reveals the suburbs people never want to leave

By Shannon Molloy
Mon, Sep 4, 2023 9:32amGrey Clock 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.

Houses in Clarinda in Melbourne’s south east rarely come to market

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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Hong Kong Takes Drastic Action to Avert Property Slump

The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

By ELAINE YU
Fri, Mar 1, 2024 3 min

Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.

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