A STUNNING house with killer views on Hamilton Island, a high-yielding inner-city investment property and a four-bedroom family home on acreage.
These Queensland properties are all very different, but have one thing in common — they just won’t sell.
With record low interest rates, cheap money and buyers galore, ‘tis the season for sellers to go to market, but while many properties are being snapped up within days of listing, some have languished for nearly a year.
Realestate.com.au chief economist Nerida Conisbee said those types of properties were often unusual listings or unrealistically priced.
“There could be something about them that doesn’t appeal to a wide range of buyers,” Ms Conisbee said.
“They also could be too expensive for their market and people may not be able to pay the price (the vendor is) wanting.
“Things are selling really well at the moment, so in many ways it might be good that the sellers did hold out because now the market is recovering so quickly and conditions are powering ahead, so it’s far more likely they’ll get the price they set out to achieve.”
On the flip side, Ms Conisbee said it could also potentially give buyers more bargaining power.
“Because they’ve been listed for a long time, the vendor may be more eager to sell — especially now the market is recovering,” she said.
She said the border closures and COVID-19 lockdowns had also impacted days on market.
Despite the increased appetite for lifestyle properties in the wake of the pandemic, some properties on Hamilton Island are struggling to sell.
A four-bedroom house overlooking the marina at 6 Marina Drive in the idyllic holiday hamlet has been on the market for 321 days, while another three-bedder with breathtaking Whitsunday views is also struggling to sell at $2.65 million.
“Hamilton Island is quite a difficult place to get to,” Ms Conisbee said.
“You can’t drive to it, so that immediately rules out a huge amount of people. It’s not so much lack of desirability to live there, but it’s a tricky location.
“But the shift to lifestyle post pandemic could potentially be good news for those sorts of locations going forward.”
Ms Conisbee said it was surprising to see some Gold Coast properties not selling quickly, even though investors had retreated.
“It’s been a very strong market, especially Surfers Paradise,” she said.
Dan Perry of John Reid Real Estate – Broadbeach Waters has been trying to sell an apartment just 100m from the beach at Surfers Paradise for almost a year.
The two-bedroom, two-bathroom property with ocean views at 38/38 Orchid Avenue has been on the market for 321 days, according to Realestate.com.au.
Mr Perry said the building was old and needed some work, but the location and size of the apartment was “hard to beat”.
He said the property had gone under contract four or five times since listing, but the vendor had been hanging out for the best price.
However, the listing now describes it as; “Owner needs gone – make an offer”.
“It’s right in the centre of Surfers; 150m from one of the world’s best coastlines,” Mr Perry said.
Selling agent Stuart McCrea of Place – Coorparoo said the inner Brisbane market was abuzz with vendors looking to sell before the end of the year — more so than in previous years because of the pandemic.
“There are a lot of people who’d normally buy in the middle months of the year, but didn’t because consumer confidence was down during COVID,” Mr McCrea said.
“What I’m finding now is I’m being inundated with those people who waited during that period who now want to purchase before Christmas.”
Mr McCrea said the main benefit of selling a home prior to Christmas was the certainty it provided buyers and sellers.
“I think everyone wants to start the new year fresh… wants to sit down for Christmas in their new home or have time to move and unpack over the holiday period,” he said.
“People are feeling better about things and have become accustomed to the situation. We’re living in a new world now. Consumer confidence has turned around and people are moving forward because the fundamentals of real estate have never been better.
“Supply and demand is definitely in the seller’s favour at the moment.”
Mr McCrea is marketing the home of Brisbane couple Ian and Devi Megom, who are hoping to sell before Christmas for peace of mind.
The three-bedroom, two-bathroom character home at 19 Sylvia St, Camp Hill, is scheduled for auction on December 12.
“Demand has been off the charts,”Mr McCrea said.
“I had the first open on State of Origin night and they were lined up down the street.”
THE QLD HOMES THAT HAVE BEEN ON THE MARKET THE LONGEST IN 2020
Address Suburb Days on market
6 Jonelle Street Kingaroy 322
Unit 68/228 Varsity Parade Varsity Lakes 321
Uisce/5 Marina Terrace Hamilton Island 321
29/22 Warren Street St Lucia 321
14 Borton Street Balgal Beach 321
Lot 9 Oaky Valley Avenue Mutchilba 321
6 Marina Drive Hamilton Island 321
130/22 Mitre Street (Sea Temple) Port Douglas 321
53 Deighton Street Mount Isa 321
38/38 Orchid Avenue Surfers Paradise 321