Chiswick tops pile for inner west suburbs with longest hold period
One part of the inner west is so popular with buyers that they never want to leave once they find a home.
New research has found that homeowners in Chiswick and Concord West hold on to their homes for the longest period of time.
The latest CoreLogic Market Trends data reports Chiswick houses have the same ownership for on average 22.7 years followed by Concord West on 18 years and Canada Bay came third with an average hold time of 17.4 years.
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Earlier this year a Chiswick property at 39 Burns Cres changed hands after nearly 40 years, while 41 Walker St in Canada Bay is for sale after 33 years.
The Canada Bay council area appears to be so popular that they occupy all ten spots for inner west suburbs with the longest hold time.
The highest ranked suburb outside of the Canada Bay council area was Newtown, which was 11th with an average hold period of 12.9 years.
Dib Chidiac Real Estate’s Dib Chidiac said areas with long holding periods like Chiswick generally offer buyers good facilities and are in a great location.
“Chiswick is a beautiful pocket and is great for those wanting to start a family as you’re close to the city, shops and good schools, plus you get to live by the water,” he said.
“When you have all of that at your doorstep, why would you want to live anywhere else?”
Mr Chidiac said every time a home came up for sale in the suburb he always receives plenty of inquires.
“Homes always go quickly as the suburb pretty much sells itself,” he said.
Belle Property Strathfield/ North Strathfield principal Simon Furnari said the Canada Bay council area was definitely sought after.
“There is not much trade as it is a family friendly area and it is not densely populated like surrounding areas,” he said.
“Buyers love that they can buy a home on a good size block without having to go that far out from the city.”
At the other end of the scale, CoreLogic found Balmain East apartments have the highest turnover, selling on average every 2.9 years.
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