The slow sales have defied an otherwise rampant housing market where eager buyers are snapping up homes in record time and prices are skyrocketing.
The average Sydney property sold in November was on the market six weeks before changing hands – nearly two-thirds as long as properties sold in August.
With more buyers in the market following recent interest rate cuts and a 20 per cent annual drop in the number of listings, prices went up by an average of 6.2 per cent over the past three months.
Coastal suburbs such as Dover Heights, Rose Bay, Vaucluse and Watsons Bay recorded even larger surges, with prices growing by about 10 per cent, CoreLogic data showed.
But the extreme seller’s market appears not to have helped everyone.
A Gothic-style mansion known as Nugal Hall in Randwick has been for sale since April 2018 but has yet to sell despite nearly $3 million being shaved off the original price.
The stone mansion was first listed with expectations of $12 million but selling agent Tony Laing of The Agency said he was discussing $9 million offers with buyers.
Plenty of home seekers came through the historic home to inspect it over its lengthy campaign but some “thought it was too much work”, Mr Laing said.
“It requires a unique buyer,” Mr Laing said. “It’s a long wait. With these kinds of properties you have to be patient.”
Spanish mission-style home Alcooringa in Bellevue Hill has been up for sale since May 2018 with expectations of about $28 million.
A seven-bedroom waterfront home in northern beaches enclave Clareville is still on the market after first coming up for sale in July 2016. It last sold in 2006 for $4.2 million.
Experts’ 2020 property predictions
Experts’ 2020 property predictions
In nearby Bayview, the home where the first season of Channel 10 show The Bachelor was screened has been on the market since March for about $11 million.
Sales records revealed the distinctive French provincial mansion known as La Joie de Vivre, where chiropractor Tim Robards met now wife Anna Heinrich, last sold in 2016 for $7.05 million.
Another property up for sale since March is a rundown Manly waterfront house first listed at $15.5 million but now for grabs at $18.5 million.
The 764sqm property on Oyama Ave is being marketed as a “blank canvas” ideal for a buyer wanting to design a “trophy home”.
In the Byron Bay area, a unique space ship style home known to locals as the Jetsons house has been on the market since August last year.
Owner Greg Costello took the home to auction in April saying he would accept cryptocurrency as payment for the property but the home passed in.
The guide had been 700-800 bitcoins – worth about $3.88 million at the time.
Listing agent Nick Witheriff of LJ Hooker-Kingscliff said expectations for the home were now about $3.2 million.
“It’s a beautiful home with lots of flair,” he said. “It’s a very particular style of taste for a particular buyer. It’s not for everyone.”
SQM Research director Louis Christopher said there were usually a myriad of reasons some properties failed to sell quickly but the common theme was usually pricing. “You’ve got to meet the market,” he said.
- Mazda Just Had Its Best Sales Year Since 1994
- Thanks to Apple Watch, smartwatch sales could hit $11.5 billion this year
- Apple Watch sales to hit 1M in first weekend, analyst predicts
- iPad sales to hit 22 million over holiday quarter, says analyst
- iPhone 5 sales could hit 10 million in first week
- iSuppli: Intel reached 10-year record market share in 2011 Q4
- iPhone sales could hit 50 million in fourth quarter, says analyst
- Tizen chairman, ever the optimist, says smartphone will hit market in 2014
- Windows Phone sales are hitting new highs
- Electric vehicle sales will hit 3.8 million by 2020
- Wal-Mart's e-commerce sales to hit $12.5 billion as investment continues
- Wii U sales finally hit 10 million units as Nintendo nabs tiny profit