Postcode 4184 dominates Brisbane's days on market standings: SQM
Its been billed as Brisbane's slowest moving housing market by Louis Christopher at SQM, and possibly Australia's slowest selling postcode.
"It clearly stands out from the rest when measuring properties that have spent the most time on the market," Christopher told Property Observer.
The top 10 ranked properties from postcode 4184 – which takes in Russell Island, Macleay Island and Lamb Island just off the coast of Brisbane – have each spent more than 3½ years on the market.
Some of these properties were already on the market when SQM Research began to monitor this back in 2009.
SQM Research attributes the long listings to the fact that postcode 4184 is a holiday region or retirement destination.
"Properties in the area are often used as second homes or investments," Louis Christoper said.
SQM Research says during an economic recession, the first assets to be liquidated are investment properties or holiday homes, and this appears to have been the case with the homes from postcode 4184.
Agents told SQM Research that there was also a great deal of vacant land for sale in the postcode, where individuals may have bought cheaply in the hope of later building - perhaps for retirement or leisure - but as a result of financial hardship have since attempted to sell off.
1
Current asking price: $450,000
Reduction: 7%
2
47 Coondooroopa Drive, Macleay Island, 4184
Days on the market: 1418
Initial asking price: $680,000
Current asking price: $629,000
Reduction: 8%
3
59 Coondooroopa Drive, Macleay Island, 4184
Days on the market: 1418
Initial asking price: $1,200,000
Current asking price: $989,000
Reduction: 18%
4
4 Shelly Cres, Lamb Island, 4184
Days on the market: 1418
Initial asking price: $280,000
Current asking price: $245,000
Reduction: 13%
5
162 High Central, Macleay Island, 4184
Days on market: 1418
Initial asking price: $298,500
Current asking price: $298,500
Reduction: 0%
6
Days on the market: 1418
Initial asking price: $239,000
Current asking price: $207,000
Reduction: 13%
7
25 Benowa Road, Macleay Island, 4184
Days on the market: 1418
Initial asking price: $640,000
Current asking price: $590,000
Reduction: 8%
8
11-13 Pacific Street, Lamb Island, 4184
Days on the market: 1411
Initial asking price: $965,000
Current asking price: $785,000
Reduction: 19%
9
55 Laurel, Russell Island, 4184
Days on the market: 1371
Initial asking price: $298,000
Current asking price: $298,000
Reduction: 0%
10
61 Francis St, Macleay Island, 4184
Days on market: 1318
Initial asking price: $235,000
Current asking price: $215,000
Reduction: 9%
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.