42 View Rd, Springvale has been on the market for about seven years and three months.
Some of Victoria’s forgotten homes have been sitting on the market for as long as seven years.
Transferred from agency to agency, rented out only for their sales listings to be left up, or getting lost in translation as international owners struggle to understand the state’s complex tenancy laws as they look to sell.
From Werribee in Melbourne’s west to Mt Eliza on the Mornington Peninsula, new research from PropTrack has identified the 10 properties that have lingered the longest on Victoria’s property market.
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A home at 68 Queens Ave, Springvale, tops the list after seven years and almost nine months listed online, followed by 550 Moorooduc Highway, Mt Eliza, at seven years and four months. Third was 42 View Rd, Springvale, at just a few days less.
Several of the home’s agents said they had simply forgotten to take the listing down after the sellers changed their mind and leased the home out instead.
The three-bedroom house has a $750,000-$825,000 price tag.
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.
“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.”
The three-bedroom house has a $580,000-$618,000 price tag.
PropTrack senior economist Paul Ryan said all properties would have differing sale stories.
“Sometimes, sellers expectations are not aligned with where the market is at the moment, it can be because the seller’s motivation is not super strong; that can impact how quickly it sells,” Mr Ryan said.
“Often it can be the process of buying and selling a home is a matching one, finding the right buyer for the right home.
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“Sometimes that can take some time, and it particularly takes some time — often when homes are more bespoke or more unusual.”
He added that some sellers listed their property to see what the market was like and would consider offers if they received any, but were not urgently needing to do a deal.
96 Henry St, Pakenham has been on the market for about six years.
The four-bedroom house has a $650,000-$700,000 price tag.
One agent with a long-term listing said landlords 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.
They added that they had to honour their clients’ wishes by keeping it on the market until it sold, despite the home staying on the market for more than five years so far.
BigginScott Greater Dandenong director Corey Le said there were also some landlords who kept homes they were happy renting out listed for sale just in case a buyer made an offer.
“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.
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