Why homeowners don’t want to leave Templestowe
Residents are finding the Templestowe lifestyle harder to leave than anywhere else in Manningham.
The suburb’s homeowners are keeping hold of houses for an average of 18.2 years, up from 13.9 over two years, according to new CoreLogic data to May 2019.
The data shows median days on market in Templestowe is just 34 days, below the Manningham average of 38 — as buyers eagerly wait to get into the destination suburb.
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Other Manningham suburbs where buyers are sticking around are Templestowe Lower and Doncaster East, with average hold periods increasing from 13.9 to 17.6 years, and 12.8 to 16.1 years respectively.
Realestate.com.au chief economist Nerida Conisbee said last month that suburbs dominated by families tended to have longer hold periods.
“We find areas with lots of first-home buyers tend to have short hold periods because the homes are quite small and not suitable for families. People buy them, live that inner-city lifestyle and, once they have families, they move to different suburbs,” she said.
Barry Plant Doncaster East agent Todd Lucas said Templestowe was dominated by acre (0.4ha) properties that families would only leave to downsize once the kids flew the coop.
“People who buy for the acre properties, generally speaking, are homeowners moving into the home, they’re people staying for the whole duration of the kids going to school,” he said.
“Templestowe and Doncaster East are very much family dominated areas.”
Mr Lucas said the East Doncaster Secondary College had also made the suburb more appealing to family buyers.
He anticipated hold periods would continue to rise as prices for entry-level properties increased, forcing teenagers and young adults to stay at the family home for longer.
Jellis Craig Doncaster agent Nikki Weng said the combination of lifestyle and proximity to the city made Templestowe a popular destination for families.
“When the kids grow up, that’s why they decide to put their house on the market, because they are downsizing,” she said.
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