Adelaide’s most tightly held suburbs: Where people buy and never want to leave

Homeowners are holding onto properties for longer than ever, with new research revealing the SA towns and suburbs where people buy and stay put for decades.

Househunters hoping to snap up a house in Millswood might need a back-up plan.

Latest PropTrack data shows homeowners in the inner-south suburb hold on to their houses for an average of almost 18 years, making it the longest hold period for any locality in SA.

Crafers West in the Adelaide Hills followed close behind, with owners hanging on to homes for 17.8 years, while owners in St Morris, stayed for an average of 17.6 years.

Kensington Gardens (17.3 years), Minlaton in the central Yorke Peninsula (16.9 years), Hamley Bridge (16.7 years), Yorketown in the southern Yorke Peninsula (16.6 years), Leabrook (16.5 years), Rose Park (16.4 years) and Kingswood (16.3 years) rounded out the top 10.

Alistair Loudon of Ouwens Casserly Real Estate Adelaide, said he was not surprised to see Millswood take out the top spot, with he himself drawn to live in a tightly held suburb 17 years ago.

“You have tree-lined streets, character homes, big blocks on either site of Goodwood Rd and you’re close to all amenities with excellent neighbours and community,” he said.

“So I’m not surprised by the data at all and would argue that this figure is moving up consistently because there’s been such a lack of stock over such a long period of time.

“Basically, since the pandemic in early 2020, people are more likely to stay in their home for longer and just won’t make that move because, why would you, if there’s nothing better on the market?”

Diana Coyle, who is selling the family home at 9 Lanor Ave, along with her four siblings, said growing up in the Millswood was marked with many fond memories.

The deceased estate, which is one of the first homes to ever grace the suburb, dating back to 1871, is scheduled for auction on June 15, with the property likely to sell in the vicinity of $172,5000, the current suburb median.

According to PropTrack, Millswood homes now sell for around 35.3 per cent more than they did in 2021 and 69.4 per cent more than in 2019.

“The home’s been in the family for over 50 years...and I remember my mother telling me that they bought it for just $15,000, which was a lot of money back then,” Ms Coyle said.

“We loved living in the area and being able to walk everywhere and had many friends who lived just around the corner.

“While we’d like to keep it in the family, it’s just not possible but I would love for another family to move in and give it the love and attention it deserves...and just enjoy living there as much as we did.”

Diana Coyle and her brother Mark Stojani at their old family home in Millswood. The suburb has been named the most tightly held locality in the state, with the family having owned the property for over 50 years. Picture: Keryn Stevens

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PropTrack economist Paul Ryan said a suburb where owners were staying put for around 20 years indicated it was likely very family friendly, and suited a range of life circumstances.

He said common threads between such suburbs usually include good schools, substantial housing allotments and access to employment options.

And while a loyalty tax hits consumers almost everywhere else, staying put is often a path to wealth when it comes to property.

“The most expensive thing you can do in property is to move home,” Mr Ryan said.

“We have seen very strong growth in the past 20 years; and for owner occupiers all of those capital gains are tax free.”

For many, staying put will become part of their retirement strategy - ensuring they have a significant stash of funds that is gaining value until they need to downsize.

However, Mr Ryan said for many families entering the market today there would be a need for multiple home moves as their life changed, making it unlikely future generations would see the same opportunity to build wealth without paying additional stamp duty along the way.