Yerrinbool has the longest hold period of any Illawarra suburb
One suburb in the Illawarra region is so popular that residents never want to leave once they find a house.
New research has found Yerrinbool homeowners in Wingebarribee Shire not only keep their homes for longer than anyone else in Illawarra, but also ranked one of the highest in Australia.
The latest CoreLogic Market Trends data reports Yerrinbool houses have the same owner for an average of 22.6 years, and five years ahead of second.
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Dolphin Point in Shoalhaven was ranked the next highest in the Illawarra with houses having an average hold period of 17.6 years.
LJ Hooker — Picton director David Wolfe said it was hardly surprising homeowners in Yerrinbool opted to stay put for so long.
“They not only love the lifestyle and how peaceful it is, but also the proximity to neighbouring centres like Bowral, Picton and even Sydney,” he said.
“The location and the train station means around 70 per cent of our buyers come from places like Liverpool, Campbelltown and even the Sydney CBD.”
Mr Wolfe said affordability of Yerrinbool houses is one reason many locals become attracted to the village.
“Homes here can sometimes sell for $200,000 less than what they would in surrounding areas,” he said.
Data from CoreLogic showed that Yerrinbool had the eighth longest hold period in Australia. The top spot went to the Sydney suburb of Silverwater, with houses owned for an average period of 28.3 years.
One Agency Mollymook agent Chris Coffey who is selling 1
0 Highview Dr, Dolphin Point after being owned by the same family for more than 25 years, said second place Dolphin Point is a pocket where homes always stay in the family.
“The older area of Dolphin Point overlooking the water traditionally has rarely any homes for sale,” he said.
“Because it is tightly held, homes in the area can be popular when they come up for sale.”
The rest of Illawarra’s top five was Robertson (Wingebarribee Shire) on 16.2 years, Manyana (Shoalhaven) on 14.5 years and Avondale in Wollongong had a hold period of 14.1 years, according to CoreLogic data.
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