Suburban homeowners never want to leave

“That’s what I really like about it here, everybody knows each other and we’ve all become really good friends… It’s a real sense of community.”

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CoreLogic head of research Tim Lawless said suburbs with more buyers were generally in less densely populated areas rather than inner city or prestige markets where homes changed hands more frequently.

“These areas tend to be in middle to outer ring suburbs where the demographics are likely to be more family-oriented rather than having a high proportion of group households or single-person households,” Mr Lawless said.

“The character of these suburbs may be more towards peace and quiet rather than having more social amenities like the inner city.”

Lawless added that people in these areas are used to their original living environment and are often reluctant to upgrade or downsize.

Ray White Eltham director Kevin Davy said while he had not seen many homes being sold on St Helena, those that did sell achieved great results at auction.

“A home that’s been completely renovated will cost more money,” he said.

David said the lots on St. Helena are large, with some reaching up to a quarter acre, which is a big draw for families who want a big backyard.

David added that “out-of-town” buyers from the city and western suburbs often stumble upon St Helena when searching for a family home in Eltham.

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“St Helena is one of those suburbs that’s a bit overlooked because it’s located (next to) Eltham North. We found a lot of people didn’t know it existed,” David said.

David said parts of St. Helena were just paddocks 10 years ago, but new infrastructure in the suburbs has helped push the average home price to $1,195,164, an increase of 143.8 per cent in 20 years.

In Melbourne’s west, homeowners were reluctant to give up large tracts of land and large family homes in Keilor Downs and Taylors Lakes, where homes were held for an average of 19.2 and 17.5 years respectively over the past 12 months.

Ray White Taylors Lakes principal agent Peter Travlos said many buyers from the 1980s and 1990s moved to Taylors Lakes to build their dream homes on large tracts of land. He added that buyers were also attracted to new show homes built in the area 10 to 20 years ago.

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Travlos said Taylor Lakes and Keller Downs offer large family homes close to schools and amenities at affordable prices.

“The value is very good compared to what people are paying,” he said. “Where else can you find a 700-square-metre, four-bedroom home with a pool for under $1 million these days?”

Over the past 20 years, the median house price in Keilor Downs has increased by 164.6 per cent to $760,037, while the median house price in Taylor Lakes has reached $953,044, up 168.8 per cent over the same period.

Mr Travlos said prices would continue to rise as buyers in Airport West, Keller East and Essendon looked west for more affordable properties.

“I’ve seen steady growth in this area, it’s been a sleeping giant for quite some time … I think it’s finally turning the corner and we’ll see both of those suburbs hit a $1 million median house price and continue to grow.”