Friday, 8 December 2017

Australian homes on market for more than 18 months

Research shows that more than 400 properties — within just 20km of Sydney and Melbourne — have been listed since early 2016. Here’s a look at why these owners just can’t sell their homes.
The Daily TelegraphDECEMBER 8, 201712:00AM

Bodalla on NSW’s south coast has a median of 233 days on market..Source:Supplied

FOR thousands of Australians the wishlist this Christmas is simple.

All they want for Christmas is to sell their home.

Sydney-wide, the average number of days on market for a property is 28, but for a patient group of Aussie homeowners it’s a different story — their properties have been on the market for well over 18 months, and some even for several years.

Research from shows that more than 400 properties — within just 20km of booming real estate hubs Sydney and Melbourne — have been listed on the market since 2016.

317 McCarrs Creek Rd, Terrey Hills has been on the market since 2016.Source:Supplied

And one owner who knows the pain of having a long-term listing is Wonsik Kwon.

Mr Kwon listed his property in Terrey Hills, on Sydney’s northern beaches, back in June 2016.

It’s not necessarily within everyone’s budget — but a tour of the property reveals, for the right buyer, it could be worth every cent.

The house at 317 McCarrs Creek Rd, known as Apadana, is jam-packed with features; including a full-sized synthetic grass tennis court; a 15m heated indoor pool; a leisure set-up with gym, spa, sauna and steam room.

“As much as I love this home, I’d love to sell this house to somebody as a great Christmas gift,” Mr Kwon said.

Mr Kwon, who has owned the home for a decade, describes the house as one-of-a-kind in Sydney.

‘You can’t normally have a property like this in Sydney,” he said.

“The best thing about (my home) is just sitting on the balcony, sipping a glass of wine and enjoying the view at the evening.”

But despite the home’s dreamy inclusions, Mr Kwon has failed to sell it, and he’s one seller who is hoping for a Christmas miracle.

Mr Kwon’s home is jam-packed with inclusions.Source:Supplied

Meanwhile, on the other side of the Harbour, Dr Steven Wang has been trying to find a new owner for his Dover Heights home for over a year.

The house, at 4 George St, has plenty to offer — including north facing ocean views, cul-de-sac living, four bedrooms and an enviable rooftop terrace.

But Sothebys agent Spencer Sun said he thought buyers were put off by styling and perceived work involved.

“When (the owner) moved in here, he kept the shell of the home but re-did everything inside,” Mr Sun said.

“Now, I think buyers might be looking for a more neutral palate, and the feedback I’ve had is the styling isn’t for everyone.”

4 George St, Dover Heights.Source:Supplied

Owner, Dr Steven Wang bought the home in 2015 for $4.2 million, and according to Mr Sun it was meant to be a “forever home”.

But then he opened a medical practice in Cabramatta, and the daily commute and changing life situation prompted him to list the home 18 months later.

Now, after more than a year on the market, Dr Wang is hoping someone will buy his home, with a price guide of $5.8 million, before Christmas.

But it isn’t just Sydneysiders who are feeling the pain of long-term house listings, the latest figures from Core Logic show that in Australia, Riverglades in SA leads the way for median days on market, over the last 12 months, at 247 days.

Cannon Valley in Queensland has the next highest median, with 243 days, followed by Jamieson in Victoria with 237 days.

Bodalla on NSW’s south coast comes in fourth longest nationwide — with a median of 233 days.

Welcome to Bodalla.Source:Supplied

Newly appointed REI NSW president Leanne Pilkington said there’s no excuse for a quality home sitting on the market for longer than a year, and she has one piece of advice: “I’d be telling vendors, it might be time to ‘stop being so greedy’.”

Ms Pilkington said “in this market, at the end of the day, there’s only one contributing factor, and that’s price.”

“With the way the market has been, it’s phenomenal to think that a property could be listed for that long (over one year),” she said.

“You’d have to assume that they’re overpriced.

Originally published as All I want for Xmas ... is to sell my home

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