A landlord who first put his house up for sale eleven years ago has earned the distinction of having NSW’s oldest property listing – over 4,000 days on the market without a sale.
It was the year 2011 when the five-bedroom house on Billa St in the regional hamlet of Yarraman in north-west New South Wales was put on the market, but after several agents and numerous changes to market, a buyer has yet to pay the $800,000 price.
PropTrack data provided exclusively to The Sunday Telegraph showed it’s not the only house to go up for sale for years without attracting a buyer – despite two property booms in the last eight years.
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Many properties have gone on sale since 2015 and 2016 without changing hands, including Sydney’s oldest property listing – a Maroubra house on Wise St which has been on the market since 2015.
A property with mixed commercial and residential zoning in Gladesville has been on sale since 2016.
And back in the NSW region, it has been over six years without sales for properties in Narrabri in the north west of the state, Ulladulla on the south coast and Inverell in northern NSW.
Many of these listings were for sale without agents, with owners choosing to make the sales themselves using grainy or poorly lit images taken with their phones.
Homes also tended to be in sparsely populated areas with a smaller pool of buyers.
Over the past decade, the average property in NSW has taken 30-60 days to sell.
Auctioneer Tom Panos, who coaches estate agents, said long listings were usually a sign that properties were overpriced.
They then developed a stigma among buyers after languishing unsold on the market, he said.
“Every property, regardless of condition or location, will sell if priced right,” he said.
“Once properties sit on the market for an extended period of time, they become stale and people start to think there must be something wrong with the house.”
Some of these themes are evident on the Yarraman property listed since 2011. At $800,000, its price is steep for the area.
Contacted by the Sunday Telegraph, the agent admitted the listing was out of date and, after consulting with the owner, removed the property from the realestate.com.au sales portal earlier this week.
The Maroubra house on Wise St has been listed for sale in a campaign run directly by the owners, who were not available for comment.
Property records showed they continued to raise the price, originally wanting $2.2m, rising to $2.85m, then $3-3.3m before be listed as “price on request”.
“It’s really hard to properly value a property if you’re selling it yourself,” Panos said. “We have an emotional connection to our homes. It’s hard not to be influenced by that.
Originally posted as 11 years for sale, still no buyer: NSW homes longest on market without selling