Places on market that just won’t sell
A BEACHFRONT unit in Bowen has the unenviable title of Australia’s longest listed property, with the waterfront apartment on the market for a whopping 14½ years.
In the Far North, a threebedroom house on a 3015sq m block at Silkwood, listed for $325,000, is not far behind, having sat on the market for 5112 days.
To put that marathon marketing effort into perspective, the median days on market for a Queensland property is just 42 days, according to new research from PropTrack.
For houses it is 41 days and for units, it is 43 days.
But the Bowen apartment had been on the market for an eye-watering 5316 days as of the end of August.
Offering 176sq m of living space, it has three bedrooms, two bathrooms, space for two vehicles and killer views.
It is listed for $929,000 and currently rented for $700 a week, or $36,400 a year.
The latest REA Market Trends report shows that the median days on market in Bowen is just 55 days.
Bowen was used as a base for Baz Luhrmann’s 2008 film Australia, with the town’s water tower emblazoned with ‘Bowenwood’ until 2018.
LJ Hooker Bowen principal Tony Doyle said the owners had bought it off-the-plan “many years ago” and moved
over from New Zealand for a brief time.
But illness saw the owners return to New Zealand and the unit has been rented ever since.
“The tenant has been in there for over a decade now and it has a great rental yield,” Mr Doyle said.
“It is a great spot, a great unit, but the owner (son) is in no rush to sell unless the price is right.
“Bowen was in a slump for
some time but I have had some recent interest in it … so hopefully it sells soon.”
The PropTrack research shows that the top 10 Queensland properties that have languished on the market the longest despite the pandemic property boom are all located north of Rockhampton.
The Silkwood property is No.4 on the list.
Six of Queensland’s top 10 have been on the market for more than 5000 days, with all
of the properties eclipsing the longest listings in NSW (4102 days), Victoria (3131), South Australia (4488) and Tasmania (1040).
Felix Reitano Real Estate agent and auctioneer Peter Reitano, who sells in the Hinchinbrook district, said properties that sat on the market for long periods were most likely owned by someone who was in no rush to sell.
“I don’t know the exact reasons but I would say they are not overly motivated to sell, they don’t need to sell and I suppose there is likely some sentimental value there as well,” he said.
“That’s not to say they wouldn’t sell for the right price but they are in no rush.”
PropTrack executive manager of economic research Cameron Kusher said if the owners were serious about selling, they would have dropped the price by now.
“I think it's a case that if they get the price they want they will probably sell, but if not, they are in a position to just have it sit there,” he said.
“Most sellers aren’t in that position as they have committed elsewhere and just can’t sit on a property for 14 years.”
And Mr Kusher said that despite their long listings, buyers were unlikely to get a bargain.
“If you are willing to pay the list price, you will likely get the sale but given that prices generally are falling, these could be on the market for some time to come,” he said.