Properties still on the market for years even without any big discount: SQM
Tasmania dominates a list of properties that have been on the market for a long time, with many vendors unwilling to discount despite spending years on the market, according to the latest report by SQM.
Five of the 10 properties on the market for long periods are in Tasmania. Properties on the list have in some cases been for sale for four years.
Managing director of SQM Research, Louis Christopher, says while a Queensland listing tops the list, he’s not surprised Tasmania features so heavily.
“We believe that the Hobart housing market has been slowly deteriorating of late and so it comes as no surprise that properties from this city are prevalent in both our 'longest days on market' and our 'most discounted' list,” he says.
He found many of the listings had not significantly reduced their asking price despite not selling.
“What we find amusing time and time again when we look at these properties, is that more often than not, these homes have not been discounted substantially even after being on the market for years in some cases.”
“In most cases they do just hang around on various real estate advertisement channels for months and months and months on end - seen by many as what can only be described as failed sales.”
Christopher suggests it might be prudent to start discounting properties such a long period.
“Yes, when you look at the localities of some of these homes you can see why their vendors may be having trouble finding a potential buyer as a lot of these properties are not situated in highly popular areas.”
“However for the most part, lack of buyer interest for an extended period of time is more commonly due to overpricing- after all, theoretically there is a buyer for every property - it's just about getting the price right.”
There are three of the 10 properties from NSW and two from Queensland.
Three of the properties - Buckland Tasmania and two in Magenta NSW - featured on this list appeared in a similar list published by SQM in September 2011.
1
11 Ottiwell St, Woorim, Queensland, 4507
On the market since: April 19, 2008
Initial asking price: $560,000
Current asking price: $499,000
Reduction: 11%
Days on market: 1,465
2
5090 Tasman Hwy, Buckland, Tasmania, 7190 (pictured)
On the market since: May 18, 2008
Initial asking price: $250,000
Current asking price: $195,000
Reduction: 22%
Days on market: 1,437
3
7 Hill St, Russell Island, Queensland, 4184
On the market since: May 22, 2008
Initial asking price: $315,000
Current asking price: $310,000
Reduction: 2%
Days on market: 1,432
4
1403 Magenta Dr, Magenta, NSW, 2261
On the market since: May 22, 2008
Initial asking price: $600,000
Current asking price: $535,000
Reduction: 11%
Days on market: 1,430
5
1302 Birkdale Pl, Magenta, NSW, 2261
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 1,404
6
22 Beach St, White Beach, Tasmania, 7184
On the market since: July 1, 2008
Initial asking price: $250,000
Current asking price: $170,000
Reduction: 32%
Days on market: 1,393
7
14886 Tasman Hwy, Cranbrook, Tasmania, 7190
On the market since: July 2, 2008
Initial asking price: $195,000
Current asking price: $185,000
Reduction: 5%
Days on market: 1,392
8
15 Clarke St, Nubeena, Tasmania, 7184
On the market since: July 2, 2008
Initial asking price: $230,000
Current asking price: $230,000
Reduction: 0%
Days on market: 1,392
9
Lot 42 Cambria Dr, Dolphin Sands, Tasmania, 7190
On the market since: August 28, 2008
Initial asking price: $425,000
Current asking price: $345,000
Reduction: 19%
Days on market: 1,335
10
11 Voysey Cl, Quakers Hill, NSW, 2763 (pictured)
On the market since: September 11, 2008
Initial asking price: $1,300,000
Current asking price: $1,500,000
Reduction: -15%
Days on market: 1,319