Sales marathon: Qld property still listed after 10 years on the market

1 month ago 12

One Queensland homeowner has been trying to sell their property for more than a decade, earning it the unenviable title as Australia’s longest running listing.

Located at 4432 Beaudesert-Nerang Rd, Beaudesert, the 43.12ha rural property is listed for $10 million and includes a four bedroom 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.

4432 Beaudesert-Nerang Rd, Beaudesert, is listed for $10m. It is currently the longest running listing in Australia

In second place nationally is a five-bedroom brick home in Maroubra in Sydney, which had been listed for 3330 days at the end of August.

A five-bedroom house listed for $4.2 million in Gladesville came in third spot with 2996 days.

14 Wise Street, Maroubra, came in second with 3330 days

In 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 of repair on a 1720sq m block.

It too is located in Beaudesert and has a list price of $885,000.

The median house price in Beaudesert has increased 75.7 per cent in the last five years to reach $615,000, according to the latest REA Market Trends report.

37 Anna Street Beaudesert has been listed for 2866 days

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 and has 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”.

104-114 Canaipa Road Russell Island, is known as The Nut Farm, but has no nuts

On the market for 2412 days is Sarabah Estate Vineyard, which includes a private mansion, a cellar door bistro and wedding function 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.

It is listed with Queensland Sotheby’s International Realty agent Michael Vettoretto, who said there had been plenty of interest in 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.

Sarabah Estate Vineyard at 46 Rymera Road, Sarabah, could have new owners soon

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.

“Beaudesert is an unusual one given it typically has lower days on market which suggests there is something else going on.

“It could be the case that a property has been on the market so long that it becomes a self-fulfilling prophecy, so to speak.”

PropTrack senior economist Paul Ryan says many factors can play into how fast – or slow – a property changes hands. Supplied.

Mr Ryan said some properties also sat on the market longer due to sellers not achieving a price that they 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.

Elsewhere, a grand riverside residence that has been listed for 2349 days is on the market for $2.8 million.

Located at 67 Carnegie Street in Westlake, the “enormous” two-level residence sits on a 2261sq m overlooking the Brisbane River.

There is a full-sized tennis court, pool, huge rumpus room with a bar, spacious living areas and seven bedrooms.

67 Carnegie Street, Westlake, is home to a huge residence but alas, no new custodians

In Robertson, an architect-designed, two-storey residence on a 642sq m block has been listed for 2198 days, or roughly the equivalent of six years.

Features include a roof terrace, statement spiral stairs from the roof terrace to the ground, pool, numerous terraces and balconies and a rooftop sunbath with 360 degree views.

The spiral staircase at 2 Goodwill Street, Robertson, is a bit of a metaphor for the property market

Coming in seventh spot is a colourful manufactured home at 224/16 Hassall Street in Esk.

Listed for $325,000, it has been on the market for 1976 days and is described as the “best house in the park”, the park being Esk Caravan Park.

And all of the outdoor statues, ornaments, paintings and furniture can ben sold with the sold with the property by negotiation.

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Even if you do blink, you won’t miss this “house” at 224/16 Hassall Street, Esk

Over in Darra, a five bedroom house on a 1012sq m has been listed for 1158 days, and is being marketed as a “renovate, detonate or subdivide” opportunity.

It might be a bit daggy but 22 Gordon Avenue, Darra, could just be the one that buyers, keen to avoid competition, have been looking for

A 7.4ha block with a six bedroom home at 124-138 Springacre Road in Thornlands has been listed for 1069 days.

But that block can be expanded with a total of 23.57ha on offer, and is described as a “future goldmine”.

124-138 Springacre Road, Thornlands, has been listed for 1069 days

Rounding out the top 10 properties that have sat on the market the longest is 103 Dixon Street in Sunnybank.

An updated listing for the 2028sq m block, which includes an existing low-set three bedroom house, says only two of four lots are still for sale.

103 Dixon Street Sunnybank is being sold off one block at a time

New data shows that Queensland fastest selling market is currently Brisbane West, where a unit sells, on average, in just 20 days.

It was closely followed by Townsville (houses, 22 days).

The median days on market is just 23 days in Brisbane North and South (units), Ipswich (houses and units), Logan-Beaudesert (units) and Moreton Bay South (units).

Properties in Queensland’s outback have the longest median days on market – 201 days for units and 118 days for houses, or 121 days overall.

Mr Ryan said that higher interest rates and lower borrowing capacities were having an impact across the country, but broadly speaking homes in Queensland were still selling fast.

“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.”