We’re holding onto our homes for longer. That’s the message from a new Core Logic RP Data study that shows the average time Australians keep their houses without selling has increased significantly over the past decade.
The average length of time a capital city house is owned has climbed by nearly four years since 2004. Comparing homes in capital cities which were sold in 2014, houses are now owned for an average of 10.5 years and units for 8.7 years. A year earlier, in 2013, the average hold period of homes sold was 10.1 years for houses and 8.4 years for units.
It’s a trend evident across all capital cities, with Melbourne homes staying with their owners for the longest period – an impressive 11.8 years for houses and 9.7 years for units. Even in Adelaide, where owners kept their homes for only 4.8 years in 2004, this figure has nearly doubled to 8 years.
It’s likely that significant equity is available to these home owners who have held onto their homes for substantial periods. How long have you held onto your property and do you know how much equity you have? Equity is a powerful asset that can be used to buy your next home, fund a renovation or pay for a holiday.
Talk to us, your mortgage broker experts, about how to access the equity in your home. Whether you dream of being a millionaire or just wish you had more money, there are actions you can take to set you on the path to wealth creation.