Keyes and Co Property Director Damien Keyes.
Mundingburra has been revealed as Townsville’s most tightly held suburb, with the average homeowner clinging on to their home for almost 18 years.
The leafy suburb, which has a mix of pre- and post-WWII houses, new builds and a range of shops, amenities and parks, is just 4km from the CBD, with new data showing residents are holding on to their homes longer than ever before.
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The data shows that the average hold period for the suburb has risen by more than two years, up from 15.5 years to 17.9 years, according to the latest REA Market Trends report for August.
But some owners have held on to the same home for decades.
Margaret Hill of Helen Munro Property has a property that is on the market for the first time in 41 years.
Located at 21 Coorong Avenue in Mundingburra, the flood-free California bungalow sits on a 1664sq m block and boasts a full tennis court, pool, shed and gardens that include mango, pawpaw, grapefruit, mandarin and banana fruit trees.
Listed for $550,000, roughly the median sales price for a house in Greater Brisbane, the property offers plenty of space with the possibility of subdivision.
Damien Keyes of Keyes & Co Property said the reason why residents were so reluctant to leave the leafy suburb was due to its proximity to the river, amenities, its central location and parks. “There are also some very good schools so families tend to target that area, to get in to the school catchments,” he said.
Keyes and Co Property Director Damien Keyes is getting ready for Open Houses to pick up after COVID-19 restrictions are eased.
He said that with more interstate buyers looking to regional cities, tightly held suburbs were only going to become more sought after.
REA chief economist Nerida Conisbee said buyers bought into and stayed in certain suburbs for prolonged periods for various reasons.
“What you will start to see is some of these tightly held suburbs regenerating as the empty nesters move out and the new generation move in,” she said.
“It leads to a resurgence in the suburb with younger buyers renovating and extending older homes, or building more modern houses.
REA chief economist Nerida Conisbee presenting at the Kickstart 2020 at the Ramada in Ballina.
“This then has a flow-on effect to property prices.”
In Thuringowa, Townsville’s third most tightly held suburb, First National Real Estate agent Natalie Marr has a renovated three-bedroom house listed for $285,000.
Built in 1970, it has only ever had one owner.
The average hold period in Thuringowa is 15.5 years.
Looking ahead, Mr Keyes said with restrictions eased in Townsville, he expected to see more interest from interstate.
“People drive markets and I think regional areas will see a (population) strike like never before,” he said.
“Covid has made people realise that being close to family is the most important thing and more people are working from home so where they live has become more flexible.”
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