If a vendor won’t meet the market, the property will not sell

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There was a very interesting article by Chris Vedelago in The Age on Sunday concerning listings in Melbourne that have been hanging on the market for an extended period of time, and have subsequently dropped significantly in price. I’ve often commented how good property will sell well in any market, and it’s an adage that carries a lot of weight. Therefore, considering the catchy headline “The strange cases of the good houses that just won’t sell”, it’s worth noting in more detail why these Victorian listings in question haven’t sold, and whether we can attribute it to the current doldrums surrounding the real estate market, or if there are other factors to take into consideration.

2506/83 Queensbridge Street, Southbank, has reportedly been on the market since October 30, 2010. Listed initially at $2.15 million, the asking price has now reduced some $500,000 to $1.65 million. This property regularly features on SQM’s top 10 most discounted list. The property is a luxury penthouse apartment with a family-sized interior and views extending to Mt Martha. Situated on the border of what is now considered the world’s “most liveable city”, it’s also in an area serviced by the best amenities Melbourne has to offer – so why hasn’t it sold?

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