SA home leads longest time on market: SQM Research

SA home leads longest time on market: SQM Research
SA home leads longest time on market: SQM Research
The home with the longest days on market featured on SQM Research's Top Ten Discounted Properties Nationwide has been listed since 29 July 2011.
The property, 2 Rankine Street, Strathalbyn, South Australia, is number eight on the top ten list. Since 2011 the price of the property has been slashed a massive 30%, with a total reduction of $150,000.
SQM Research managing director Louis Christopher said there doesn't seem to be a problem with supply and demand, as the area recently recorded a low vacancy rate of 1.6% for August. 
"It seems that the vendor is not prepared to let this one go so easy... This makes us question why this property is still not selling?... Is it overvalued?," he said
"The property is not necessarily overvalued as its current asking price is just below local median asking prices. 
"This reduction percentage is somewhat small compared to other properties on our list that have been on the market for much less time. Take for example, 24 Coulls Street, Freeling, which was reduced by 46% with only 196 days on the market."

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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