A house in Frenchs Forest featured in one of Australia’s longest-running property sales campaigns. The campaign highlights the challenges some homeowners face in a fluctuating market.
The property, located at 12 Naree Road, has been on the market for a staggering 2397 days, placing it among the top 20 nationally for homes that won’t sell.
This revelation comes as new data from PropTrack reveals that the longest-listed property in Australia is a rural estate in Beaudesert, Queensland, which has been on the market for a decade. The 43.12 hectare property, complete with a four-bedroom house and various amenities, has been listed for $10 million—considerably more than its last sale price of $3.1 million in 2008.
The PropTrack data paints a picture of a complex property market, where price expectations, market conditions, and property uniqueness can significantly influence selling times. While the median time on the Queensland market is 35 days, many properties, particularly acreage offerings, have been around for years.
The agent handling the Beaudesert property indicated that the owners, who currently rent out the property and reside in Brisbane, are not pressured to sell quickly and are holding out for their desired price. Other sellers nationwide use the same “land banking” strategy, which prolongs the listing period.
Various properties across different states are facing similar challenges. In Victoria, a property in Springvale holds the longest listing record, while in the Northern Territory, a renovated house with sea views has been on the market for over 2600 days.
Experts suggest that several factors contribute to these extended selling periods. Economic shifts, like the mining boom and bust in the 2010s, can leave sellers seeking prices that buyers are unwilling to meet.
Unique properties or those in less sought-after locations can also experience longer selling times. Additionally, some sellers keep their listings if an exceptional offer arises, especially if they receive rental income from the property.
While interest rates rise and reduced borrowing capacities impact the market, properties still sell relatively quickly in many areas. According to industry experts, the key is finding the right price that satisfies both the seller and potential buyers.
Every property has its challenges, but the right price can ultimately overcome these obstacles and attract a buyer.
Published Date 01-October-2024
