‘A beautiful pocket’: The Sydney suburbs people never want to leave

Robert and Eleni Bonanno love the suburb of Monterey so much that they are upsizing to move just 800 metres away from their current home.

The couple is selling their first home within the suburb, where they started their family, to move to a house with a seven-car garage to accommodate Robert’s growing car collection.

Robert and Eleni Bonanno live in Sydney’s tightly held suburb of Monterey. Credit: Rhett Wyman

“What made us buy our first home [in Monterey] is the community spirit, with kids riding on bikes in the street and playing handball with the neighbours,” Robert said. “There are great cafes, shops and the beach is nearby.”

Eleni said while she is reluctant to sell, she is happy to stay in the suburb they’ve lived in for 11 years and where her sister also resides.

“It’s such a beautiful little pocket and is great to raise a family,” Eleni said. “Our neighbour has lived here his whole life, and now that some of the elderly have passed on, there are young couples with families moving in. All generations are here.”

The Bonanno family are not alone in their love for the suburb. Monterey had the lowest turnover rate in Sydney, where just 1.6 per cent of houses sold in the year to July on the latest CoreLogic data. That’s a fraction of the citywide rate where 4.1 per cent of houses across Sydney sold in the same period.

The suburbs of Wakeley and Narraweena were next lowest, where only 2 per cent of houses sold in both suburbs, followed by Parramatta and Chippendale at 2.1 per cent.

For units, the suburbs of Ramsgate Beach and Earlwood had the lowest turnover rates – of 2.1 per cent. They were followed by Millers Point (2.2 per cent) and Enmore (2.3 per cent). The turnover rate for units across Sydney was triple that measure, at 6 per cent in the year to July.

CoreLogic economist Kaytlin Ezzy said the low turnover rate comes down to the desire to raise a family.

“They tend to be areas where people are settling in for the long haul,” she said. “Maybe now they’re looking to downsize out of the suburb after the last straggler has left.”

Ezzy said sellers in these suburbs have a lot of power with limited stock on the market, while buyers may need to consider the next best option in a neighbouring suburb.

The Bonannos’ listing agent, Robert Juric of McGrath Sans Souci, said it was very rare for Monterey homes to come onto the market.

“Only one great house sells a month, making it very favourable for sellers,” he said. “The suburb is a lifestyle destination that’s perfect for families and close to amenities.

“The suburb is focused mainly on owner-occupiers, with not a lot of renters, and families tend to stay put for a long time.”

PRD Real Estate chief economist Dr Diaswati Mardiasmo said suburbs with a low turnover rate are well maintained and keep on growing.

“Parramatta is a great example where it has grown into a second Sydney CBD over 10 years,” she said. “And in Kogarah you’re getting new retail, cafes and entertainment.

“These areas aren’t stagnating, and that attracts buyers as they want a place where they can live for a long time.”

Mardiasmo said it’s important for buyers to look at the realistic turnover of a suburb and the available homes, and then perhaps consider another suburb with a higher turnover rate.

“Knowing turnover rates is critical market research for buyers as it also allows them to gauge what sort of competition and buying power they have,” she said.

Mardiasmo said that despite more competition between buyers, it’s important for sellers to price a property according to the market and not at an unrealistic figure.

”You want your property to be priced according to what’s available three suburbs away,” she said. “There are many other suburbs that have a low turnover rate.”

Mardiasmo noted there’s also a generational element, with some homeowners viewing the suburb they’re in to be an ideal place for their kids and future grandchildren to live.

Westpac senior economist Matthew Hassan agreed, suggesting some areas are where people buy for life.

“They might be transferring properties between generations rather than transacting,” he said.

“In Cabarita, for example, there are many well-established family holdings and probably a bit of a legacy from previous generations as well.”

Blaze Real Estate sales agent Johnny Khoury has two listings with vendors of 30-plus years in Wakeley, Sydney’s second-most tightly held suburb for houses.

“Homeowners have families that live in nearby streets,” Khoury said. “It’s not necessarily the parks, playgrounds or lifestyle factors that appeal, but rather the proximity to family.”

He said it’s a place where people live for a very long time.

“It’s mainly an owner-occupier suburb, and the majority of homes are deceased estates.”