Real Estate

top 5 sydney suburbs with longest hold periods

Written by The ReReport

Berala home’s don’t come on the market very often.

SOME Sydney suburbs are so popular that once buyers find a home there they never want to leave.
Or so it seems.
They’re the suburbs that tick all the boxes.
But, for many living outside Sydney’s western suburbs, the top suburb may come as a shock.
Houses in Berala are at the top of the list when it comes to appeal in Sydney with holding periods averaging a whopping 32.8 years.
That’s 10 years longer than the next suburb, North Strathfield, which came in at 22.8 years.
It is followed by Enfield (21.2), Auburn (19.9) and Waitara (19.7).

MORE NEWS:The young IT crowd buying all the good property

How to score an instant property portfolio

The cheapest suburbs near train stations in Sydney
The average holding period for Greater Sydney is 11.9 years.
Berala is on the Bankstown Railway Line, has good education options such as Berala Public School, St Peter Chanel Catholic Primary School and Trinity Junior Catholic College, is close to a campus of the University of Sydney and has its own golf course.

11/23 The Cres, Berala sold for $310,000 earlier this year.

RiskWise Property Research CEO Doron Peleg said when an area enjoyed such long holding periods it meant the suburb generally provided “something outstanding” for its residents such as a strong community, location and proximity to employment or the CBD, good schools, transport and services.
“If a suburb has some of these characteristics people don’t see any reason to sell. Basically, they don’t want to leave,” Mr Peleg said.
“So, unsurprisingly, we see strong demand, solid capital growth and also usually short time for days on market.”
He said Berala had some good suburb fundamentals with a median price of $1,061,383 and three-year capital growth of 25.3 per cent.
Surprisingly, there are currently 26 properties on the market in Berala, including 17 houses.
Behind Berala, North Strathfield is an inner-west suburb of Sydney only 15km from the CBD with a median house price of $1,986,122.

17 Napier Street North Strathfield sold in September.

Trains run regularly into the city and other employment hubs such as Burwood, Strathfield and Redfern, and there are plenty of good shopping options in adjoining suburbs.
The prestigious McDonald College, which placed 28th in AIS school rankings and in the Top 15 per cent (55th out of 820 schools) in NSW, is located in North Strathfield, and a number of other top ranking schools can be found nearby.
In third place, Enfield is another inner-west suburb. It is even closer to the CBD at 11km.
It has a strong choice of education options and good public transport into the city.

12 Tennyson Street Enfield sold for $1.3 million in August.

With an average holding period of 21.2 years, its median house price is $1,612,250.
Auburn and Waitara round off the Top Five holding periods at 19.9 and 19.7 years respectively.
The median house price for Auburn is $959,175 it has a central location to other employment and shopping hubs.
It has a large number of schools, a hospital and botanic gardens and is close to Sydney Olympic Park and the Sydney Showgrounds.
On Sydney’s north shore, Waitara has a median house price is $1,337,620.
This high-demand suburb has made it on to a number of ‘best suburb’ lists, enjoys a low crime rate, a private primary school and good transport links to the CBD.

Source link