According to the Domain Tenure and Profit report, Brisbane house owners had a median tenure of nine years in 2023 compared to eight years in 2013. Unit owners had a median tenure of seven years in 2023 compared to six years in 2013.
This is on par with the national median for houses, but a little shorter than the national median of eight years for units.
This gap between house and unit tenure in Brisbane could show that Brissie buyers see units as an affordable first step into the property market, but not a forever home.
“Typically, houses have longer ownership durations than units,” reports Property Update.
“This pattern suggests that many individuals use units as a starting point for homeownership or that there’s a higher turnover of investment properties, particularly in the form of units.”
The fact that we’re holding homes longer may not come as a surprise given we’re still seeing historically low listings volumes across Brisbane.
This is keeping property prices buoyant as buyers are eager for new listings. This means we have solid conditions for solid sale outcomes.