A five-bedroom brick home in Maroubra has earned the dubious distinction of being Australia’s 2nd longest running property listing, having been on the market for an astonishing 3,330 days — over nine years.
The property at 14 Wise Street, Maroubra, is just behind the nation’s longest-running listing, a rural property in Beaudesert, Queensland, which has been for sale for 3,652 days or roughly 10 years.
This revelation comes from recent PropTrack data, which highlights a handful of properties across Australia that have struggled to find buyers for extended periods.
The Maroubra home’s extended time on the market stands in stark contrast to the typically hot Sydney real estate scene, where properties often sell within weeks or even days of listing.
While specific details about the Maroubra property’s asking price or the reasons behind its prolonged listing are not provided, real estate experts offer some insights into why some properties might linger on the market.
Leanne Pilkington, president of the Real Estate Institute of Australia, suggests there’s usually one primary reason for such extended listings: “There’s really only one reason why a property was stuck on the market — the owner wanted more money than the buyers thought it was worth.”
PropTrack economist Paul Ryan adds that unique properties or those in atypical areas for buyers can take longer to sell. He also notes that sometimes, a property’s extended time on the market can become a “self-fulfilling prophecy,” potentially deterring future buyers.
Published 22-September-2024