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With properties listed for more than three years and price reductions nearing 40 per cent, one area close to Brisbane has topped the list as one of the hardest places in Australia to sell property.
While some areas of the Redland Bay region, half an hour south east of Brisbane, have seen solid growth and increasing demand, others have not been so lucky.
According to the latest SQM Research 'Top Ten Most Discounted Properties Nationwide’ list, two of the properties on the list fall in the Redland Bay area.
Topping the list is number 4 Edgewater Place on Lamb Island, 15 minutes by ferry from the mainland.
According to SQM Research, the property has been on the market for 1,267 days - almost three and a half years - and has currently been reduced by 41 per cent, from $425,000 to $249,000.
According to Homesales.com.au, the average listing duration for Lamb Island is 959 days, with an average vendor discount of 32 per cent.
Speaking with Real Estate Business, general manager of Raine&Horne Bay Islands Trevor Ehrlich said the region used to be a hub for investors.
“But after the GFC, we saw all the investors try to sell off their property at once, which flooded the market," he said.
“Another factor affecting the market is bank valuations. We’ve had cases with interested buyers who are happy to pay $220,000 for a home, but the banks value it at $190,000, so the properties just sit there.”
However, things are slowly picking up, according to Mr Ehrlich.
“There’s definitely been more interest about the market lately, and I feel things are due for a turn around. It’s a great area, especially for retirees, and in the next few years I’m confident we’ll be back to normal growth,” he said.
A property from Lamb Island also places fourth on the list, having been on the market for three and a half years with a price reduction of 40 per cent.
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