Data released a few months ago about Melbourne’s longest hold times for property confirmed what we’ve known about Wantirna for a long time – it’s home to some of the happiest homeowners in the city.
The stats showed that Wantirna had the third-highest average holding time in Melbourne – 19.3 years – coming in behind Huntingdale and Belgrave Heights. The data came from an analysis of CoreLogic data by Riskwise Property Research.
But what does this mean and how does it translate for buyers and sellers in Melbourne’s east? Let’s take a look.
What are hold times in real estate?
In property, “hold times” refers to the length of time people own their homes for before listing it and entering the market again.
It’s often taken as an indication of how happy homeowners are with the suburb and their property. A long hold time means homeowners don’t see any reason to leave, as they already have everything they need right on their doorstep.
In many cases, it’s also a sign of excellence in schools, transport and amenities.
Why does Wantirna have a long average hold time?
We’ve noticed that Wantirna’s outstanding education options tend to draw in young families. This is often the entry point for the suburb and it keeps people here long-term while the kids grow up – often that means staying put for 20 years or more. But it’s more than just schooling too.
Wantirna has excellent roads like Eastlink, great public transport for CBD commuters, a local Westfield, top-quality housing stock and activities for the whole family.
You can read more about Wantirna’s unique appeal here.
What does the long hold time mean for buyers and sellers?
A tightly held market means there are fewer opportunities to enter the local property market, so buyers need to act fast to snap up in-demand homes in Wantirna. The good news is that the investment is worth it because the factors that cause long hold times are usually the same factors that contribute to strong capital growth.
For sellers, the situation is equally good. The high demand experienced by buyers means a lot of competition for your property, so you’re likely to sell more quickly and at a potentially higher price than in other parts of the city.
Wantirna’s property market: the stats
Sales data for Wantirna supports this demand, with short average times on the market, high demand and continued high capital growth despite recent changes to the overall property market.
Here’s what the figures say about Wantirna:
Average days on market: 52
Median price: $930,000
Capital growth: 8.2%
Average days on market: 23
Median price: $625,000
Capital growth: 7%
If you’re looking to buy or sell in Wantirna, get in touch with our team today.