"Everyone wants to settle down here": The Melbourne suburb that keeps its residents
When Andrew Christodoulou came across a parcel of land for sale just four houses away from his home in Clarinda, he didn’t hesitate to make the purchase.
At 37 years old, Christodoulou works as a panel beater and painter, and alongside his wife Georgia, he has deep roots in the neighboring Oakleigh South. For the past seven years, they have called this southeastern suburb of Melbourne home, and he can hardly envision a better spot to live.
"We are incredibly central to everything we need – it’s just a five-minute drive to Oakleigh, ten minutes to Chadstone, and another ten to Southland if we require anything from there. Plus, having the Dingley Bypass nearby is a fantastic advantage," he shared enthusiastically.
Christodoulou's affection for Clarinda is echoed by many others. According to data provided by property analytics company Cotality, this suburb boasts the title of Melbourne’s most tightly held area, with homeowners retaining their properties for an average of 28 years. This duration is notably longer than that of the second-most tightly held suburb, Balnarring Beach, where the average hold is 24.5 years. In fact, this holding period is nearly three times greater than Melbourne’s overall median of just 9.9 years, based on statistics from the year ending December.
The median house price in Clarinda stands at $1,082,753, which is slightly above Melbourne’s general median of $981,165. At his current residence, Christodoulou has successfully constructed three townhouses: one for his mother-in-law, another for his family of five, and the third intended for sale. He also has plans to build two more townhouses on the newly acquired land, whether for sale or to keep for his children’s future.
"My kids absolutely love it here. I’ve even offered them the option to move to a different suburb, but they’re not interested in leaving, so that’s why I decided to buy the lot just four doors down to give them a little extra room," he explained.
His friend, who already owns three properties just two doors away, recently purchased another one directly across the street, eager to return to life in Clarinda after living in Oakleigh South.
"It’s clear that everyone wants to be here," remarked Christodoulou.
Tim Lawless, research director at Cotality, noted that many of Melbourne's suburbs with high retention rates are predominantly owner-occupied and generally feature higher median home values compared to the city’s overall statistics.
"These aren’t necessarily high-end suburbs, but they also don’t fall into the category of starter suburbs," he clarified.
"In these areas, you’ll find a significant number of owner-occupiers rather than investors, resulting in fewer renters. Typically, such neighborhoods are well-equipped with amenities that enhance quality of life."
Lysterfield South in the southeast ranks third, with a median property holding period of 23.7 years, followed closely by Yallambie at 22.4 years and Attwood at 21.8 years, with median values of $1,131,790 and $900,199 respectively.
Lawless emphasized that Clarinda's turnover rate of just 2.4 percent is quite remarkable, especially when compared to the citywide average of 4.7 percent.
"There aren’t many listings for sale in this area," he observed.
Conversely, newer developments in Melbourne’s outer west and northern regions, such as Mount Cottrell, Mickleham, Wyndham, Tullamarine, Broadmeadows, and Melton, frequently experience substantial turnover, often within a mere three years.
"These suburbs are typically characterized by new developments and tend to have a larger presence of investors, who generally hold onto their properties for shorter periods," Lawless pointed out.
"These locations might attract first-time homebuyers looking to eventually upgrade to neighborhoods closer to the city."
Peter Laspas, a senior sales executive at McGrath Estate Agents, who has assisted Christodoulou with his real estate transactions, highlighted that Clarinda offers a wealth of benefits catering to various demographics.
"It’s an excellent choice for families as it features three local schools, numerous parks, reliable public transport, and proximity to shopping facilities," he noted.
"Many residents are reluctant to leave since they’ve been there since the beginning... They often express concerns about downsizing, wondering where they would find a place that still offers all these advantages."
Melbourne demographer Simon Kuestenmacher, who leads the Demographics Group, described Clarinda as "the quintessential Australian suburb of days gone by, now firmly established."
"It’s a part of the city that heavily relies on cars for transportation... It’s relatively developed but not overly saturated with development," he elaborated, explaining that its former status as a fringe area transitioning into a middle-ring suburb means that many residents haven’t yet reached the stage in life where they’re downsizing or considering retirement.
"The original first-time homeowners still reside here, but they haven’t yet aged significantly," Kuestenmacher added.
He noted that Clarinda appears to be an appealing option for tradespeople, who often prefer not to live in pricier inner-city areas where space is limited.
Clarinda, along with other suburbs ranking in the top twenty, tends to attract buyers who are relatively affluent and searching for their forever homes.
"The architecture here mostly consists of single-family dwellings; there’s simply no room for developers to construct high-rise buildings like an 18-story tower," he concluded.
