On the market for 10 years: Aussie properties that just won’t sell
One homeowner has been trying to sell their property for more than a decade, earning it the unenviable title as Australia’s longest running listing. See the Top 30 list of homes that won’t sell!
One Queensland homeowner has been trying to sell their property for more than a decade, earning it the unenviable title asAustralia’s longest running listing.
Located at 4432 Beaudesert-Nerang Rd, Beaudesert, the 43.12ha rural property is listed for $10 million and includes a fourbedroom house, veranda, pool, established gardens, divided paddocks and plenty of space for horses or cattle.
PropTrack data shows it has been on the market for 3652 days, or roughly 10 years, making it the nation’s longest marketing marathon.
It last sold for $3.1 million in 2008, according to publicly-available property records.
In second place nationally is a five-bedroom brick home in Maroubra in Sydney, which had been listed for 3330 days at theend of August.
A five-bedroom house listed for $4.2 million in Gladesville came in third spot with 2996 days.
In red-hot Queensland, the PropTrack research shows that acreage offerings dominate the state’s top 10 list of the longest running sales campaigns, with those properties languishing on the market for anywhere between two and 10 years - and they include development opportunities, mansions, farms, even a winery.
To put those astonishing figures into perspective, the median days on market in Queensland is currently 35 days.
Yong Real Estate agent Harvey Huang, who is marketing the $10 million Beaudesert property, said the owners were not in any rush to sell unless they achieved the right price.
“We have had a few offers on it but not at a price they are willing to part with it,” he said, adding the property was rented and the owners lived in Brisbane.
“For them, it is more of a case of land banking.”
Hot on its heels and on the market for 2866 days — or about 7.85 years — is 37 Anna Street, an old Queenslander in need ofrepair on a 1720sq m block.
Four of the Queensland properties have been on the market for between 2000 and 2500 days.
They include 104-114 Canaipa Road at Russell Island - a three bedroom house on 3.99ha that is listed for $1.5 million andhas been on the market for 2448 days.
Known as “The Nut Farm” as it used to grow macadamia nuts, the property has waterfront views.
But alas, “unfortunately, the trees have not been cared for and are potentially beyond bringing back into production”.
On the market for 2412 days is Sarabah Estate Vineyard, which includes a private mansion, a cellar door bistro and weddingfunction centre, marquee, landscaped grounds, 5.6ha of grape growing vines, 2 olive groves, 2 dams, work sheds, equipment,greenhouses, a working market garden and a citrus grove.
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It is listed with Queensland Sotheby’s International Realty agent Michael Vettoretto, who said there had been plenty of interestin the property, including two failed contracts.
He said there was negotiations currently in place with a local buyer, with a sale possible within weeks.
“This one, it has been more a victim of circumstances,” he said.
PropTrack economist Paul Ryan said a few things could lead to a property remaining on the market for longer than expected.
“Market conditions can play a part. When prices are flat or going down, it can take longer for sellers to adjust their expectations,” he said.
“The properties may also be unique or in an area that is not a typical place for buyers to be looking, which is why regional areas can take longer.
“It could also be the case that a property has been on the market so long that it becomes a self-fulfilling prophecy, so to speak.”
Mr Ryan said some properties also sat on the market longer due to sellers not achieving a price that they would, or could, sell for.
“We saw that after the mining boom in the 2010s,” he said. “People bought at the top of the market but when prices fell, and they wanted to sell, they could not get the price they needed so they sat on the market longer,” he said.
In Victoria, the longest sales listing award goes to 68 Queens Avenue in Springvale, a 1053sq m property described as “surrounded by a combination of modern conveniences to ensure you have all of life’s luxuries at your doorstep”.
That includes a train line. But there is a “unique” three bedroom brick house.
It had been listed for 2789 days at the end of August.
One agent said landlord’s based overseas who didn’t understand Victoria’s rental laws and tenants who made it tough to organise inspections were keeping his listing in limbo.
He added that he had to honour his clients wishes by keeping it on the market until it sold, despite the home staying on the market for more than five years.
But a number of agents simply had forgotten to take their listings down, racking up years of time listed for sale.
BigginScott Greater Dandenong director Corey Le said there were some landlords who leased out their properties but kept them on the market just in case.
“Sometimes people put their property up and if they don’t get a great result ... unless they get a huge return, they don’t make any decision at all,” Mr Le said.
“Because they’re getting an income, they’re not desperate to move it on; these people think, if I get it, I get it, if I don’t, I don’t.”
O’Brien Real Estate Pakenham director Rod Capuano said there was a lack of competition in the market as owners weren’t keen to sell their properties unless they got the right price.
He added that Victoria was stagnant, with low enquiries from prospective buyers and stock remaining low.
In the Northern Territory, a luxurious house at 22 Packard St in Larrakeyah takes out its top spot with 2609 days on the marketing board.
It has been totally renovated and has sea views.
South Australia’s longest listing goes to 7 Richard St in Mansfield Park.
Incredibly, the two bedroom duplex is listed for just $235,000, but it has been on the market for more than 2380 days.
And it is in a retirement village.
In Tassie, 420 Brooker Highway, Derwent Park, takes the title of the longest running listing in the Apple Isle at 1757 days.
It for sale by the owner, and its biggest advantages include the “rampus room” and “veggy patch”. It is currently tenanted.
Mr Ryan said that higher interest rates and lower borrowing capacities were having an impact across the country, but broadly speaking homes were still selling fast in places in many areas.
“The thing about the market is that there is no such thing as a bad home,” he said.
“If you get the pricing right and the right buyer.”
Real Estate Institute of Australia president Leanne Pilkington said there was really only one reason why a property was stuck on the market — the owner wanted more money than the buyers thought it was worth.
“There’s not enough motivation for the owners to meet the market. It’s always price. Anything will sell if it’s the right price,” Ms Pilkington said.
“Each property has probably got different challenges. So there might be busy roads, there might be potential development happening around it.
“It could be all kinds of reasons, but the price fixes any of those problems. There’s a buyer for everything at the right price.”
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*** NATIONAL TOP 30 LONGEST RUNNING SALES CAMPAIGNS**
4432 Beaudesert-Nerang Rd, Beaudesert, Qld: 3652 days
14 Wise Street, Maroubra, NSW: 3330 days
109 Victoria Road, Gladesville, NSW: 2996 days
37 Anna Street, Beaudesert, Qld: 2866 days
68 Queens Avenue, Springvale, Vic: 2789 days
550 Moorooduc Highway, Mount Eliza, Vic: 2652 days
42 View Road, Springvale, Vic: 2651 days
22 Packard Street, Larrakeyah, NT: 2609 days
7 Voyager Street, Stuart Park, NT: 2532 days
104-114 Canaipa Road, Russell Island, Qld: 2448 days
111 Palmerston Street, Melton, Vic: 2415 days
1 Kingsclere Avenue, Keysborough: Vic: 2413 days
46 Rymera Road, Sarabah, Qld: 2412 days
5 Excelsa Court Rosebery, NT: 2399
365-369 Whitehorse Road Nunawading, Vic: 2398 days
12 Naree Road Frenchs Forest, NSW: 2397 days
20 McConnell Street Sunshine West, Vic: 2394 days
7 Richard Street Mansfield Park, SA: 2380 days
67 Carnegie Street Westlake, Qld: 2349 days
96 Henry Street Pakenham, Vic: 2218 days
2 Goodwill Street Robertson, Qld: 2198 days
3 Cedar Street Doveton, Vic: 2148 days
57 Glebe Place Penrith, NSW: 2137 days
2 Tundra Esplanade Werribee, Vic: 2076 days
224/16 Hassall Street Esk, Qld: 1976 days
2544 Wisemans Ferry Road Mangrove Mountain, NSW: 1881 days
28 Riverview Road Pleasure Point, NSW: 1760 days
420 Brooker Highway Derwent Park, Tas: 1757 days
5 Imga Street Gwandalan, NSW: 1683 days
34 Mason Lane Kurmond, NSW: 1669 days
(Source: PropTrack)
Originally published as On the market for 10 years: Aussie properties that just won’t sell
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