The FNQ suburbs where owners hang on to their properties the longest
FAR Northern homeowners hold on to their properties for at least 10 years.
The Cassowary Coast region had the longest average holding period in the Far North at 14.4 years, according to September’s CoreLogic report .
The average holding period across the Cairns Regional Council area was 10.8 years with homeowners in Bungalow showing the most loyalty. The average holding period was 16.9 years in the suburb, with 17 homes sold in the past year at a median of $323,000.
Re/Max Real Estate Services Cairns broker-owner Tony Williamson said Bungalow’s reported holding period was not surprising.
“I’ve sold houses in Bungalow where people have lived in that home for 50 or 60 years,” he said.
“A lot of the time it’s people moving on to retirement homes.”
Mr Williamson said it wasn’t just older residents that contributed to the 16.9-year holding period figure.
“Not being disrespectful but it’s not a sought-after area for first homeowners.
“But it should be. We call a lot of first home buyers Facebook buyers. They want to show the house they bought on Facebook to impress their friends.
“You’re not going to buy a house in Bungalow that’s going to impress your friends but the reality is that Bungalow is going to be one of those areas that has the most capital growth because of the convenience it offers.
“It’s three minutes’ drive to Cairns Central.”
He said Bungalow was becoming a popular area for commercial purposes.
“The average house in Bungalow would probably be 70 years old.
“We’re selling quite a few houses that people are turning into workshops or commercial premises.”
Mr Williamson said based on trends in larger cities, he expected Bungalow to record substantial capital growth.
FNQ’S LONGEST HOLDING PERIODS
Cairns Regional Council – Bungalow – 16.9 years
Cassowary Coast Regional Council — Tully – 18.2 years
Cook Shire Council — Cooktown – 13.7 years
Douglas Shire Council — Mossman – 11.2 years
Mareeba Shire Council — Julatten – 12.1 years
Tablelands Regional Council — Ravenshoe – 16.9 years
Weipa Town Authority — Rocky Point – 9.5 years