Sellers stay put
FIGURES show that people buy and sell property in Melbourne almost every 10 years on average.
Yet there are suburbs where property is far more tightly held for a variety of reasons.
That’s the case in Ormond, where homes change hands on average almost every 17 years.
The million-dollar suburb sits in the top 10 longest-held suburbs, according to CoreLogic RP Data.
The median price in Ormond is almost $1.16 million, achieving 6.3 per cent capital growth in the past 12 months.
There is a mix of properties, from fine period homes to mid-century flats and modern apartments and townhouses.
North Rd serves as a boundary between school zones in Ormond, between Glen Eira College and McKinnon Secondary College, while the suburb also hosts co-educational Kilvington Grammar, plus Ormond Primary School and St Kevin’s Primary.
The busy thoroughfare is home to Ormond’s main shopping precinct, with restaurants and cafes, a supermarket, bank and specialty stores.
The suburb also has playgrounds, barbecue facilities and off-leash dog areas within EE Gunn Reserve in Malane St, while the historic Box Cottage is in Joyce Park.