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Listed: The Adelaide homes that just won’t sell

Posted: 2024-09-21 18:30:00

Original link: https://www.realestate.com.au/news/listed-the-adelaide-homes-that-just-wont-sell/

An Adelaide homeowner, who first put his investment property on the market a little over three years ago, has gained the distinction of having SA’s oldest real estate listing.

According to PropTrack, the sandstone-fronted bungalow at 39 East Ave, Millswood has been on the market for 1144 days, with the listing first uploaded to realestate.com.au in July 2021.

Situated on a generous 1045.45sqm corner allotment, the five-bedroom home is presently configured as student accommodation with property data suggesting it could fetch a weekly rental income of $863.

In comparison, the Adelaide-wide time on market is 40 days, while the average house rents for $590 a week.

Selling agent Nick Roma of Ray White Norwood, who declined to comment on the specifics of the three-year listing, describing the property as a rare corner allotment in its online advertisement.

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Supplied Real Estate 39 East Avenue, Millswood

The Millswood home is SA’s longest property listing, according to PropTrack.

The five-bedroom home is presently configured as student accommodation.

It sits on a large corner block that would make it ideal for development.

The home is on the market without a price guide but could be worth around $1.84m – the current suburb median.

“Thirty-nine East Ave is a sandstone fronted bungalow, currently rented and offers an opportunity for investors to secure, hold and enjoy the steady income stream,” the ad on realestate.com.au reads.

“The residence is in fair condition and is sited on a generous 1045.45sqm corner allotment.”

PropTrack economist Paul Ryan said a few things could lead to a property remaining on the market for longer than expected.

“Market conditions can play a part. When prices are flat or going down, it can take longer for sellers to adjust their expectations,” he said.

“The properties may also be unique or in an area that is not a typical place for buyers to be looking, which is why regional areas can take longer.

“It could also be the case that a property has been on the market so long that it becomes a self-fulfilling prophecy, so to speak.”

Mr Ryan said some properties also sat on the market longer due to sellers not achieving a price that they would, or could, sell for.

“We saw that after the mining boom in the 2010s,” he said. “People bought at the top of the market but when prices fell, and they wanted to sell, they could not get the price they needed so they sat on the market longer.”