All I want for Christmas is to sell my home

The family in question listed their magnificent river-front home in Indooroopilly more than 400 days ago according to realestate.com.au data, and have yet to receive an acceptable offer.

I know what you’re thinking, there must be something wrong with it? But this is a beautifully presented 3-storey home which offers stunning views across the river and comes complete with an array of exciting features including; a cinema with a built-in cocktail bar, a well-equipped gym and infinity-edge pool. There’s even a treehouse pavilion in the garden to make the most of the views.

In short, this is the perfect family home and one lucky family should be enjoying all of its amenities this festive season. Instead, the current owners, who are looking to downsize, have been left in limbo for more than a year.

If the problem is not the house, could it be the market? According to property data and analytics company, CoreLogic properties across Queensland are taking longer to sell than this time last year.

CoreLogic data for Brisbane shows the average number of days on the market has increased to 53 days, which is the highest level since February 2013.

But this doesn’t fully explain why this particular property is struggling to find a buyer. Even with average sales taking 53 days, by rights, they should have moved out in time for last Christmas. But they are still waiting. So what else could be happening?

Data from realestate.com.au may provide more insight. According to new research by the property listing website, there are 250 properties within 20km of Brisbane’s Central Business District which have been on the market since 2016. And a further 14 homes in the same district have been on the market since 2015.

On the face of it, this may seem like good news for buyers since homes which are proving difficult to sell are more likely to be open to offers. But that is not always the case for the upper end of the market, it would seem that owners of higher-end properties, which have been listed for more than a year, are obviously not that desperate to sell.

Bespoke homes at the upper end of the market do take longer to sell. Sometimes this is because they have been designed to meet the needs of a specific family. While they are often built to a higher specification which makes them more expensive per sq ft than other similar-sized properties.

That is certainly the case for the property in Indooroopilly which has been on the market for more than a year.

Whilst rare, it is not unusual for unique homes like this to be on the market for many months. There are quite a few such properties across Brisbane which are waiting to find the right buyer.

Another four-bedroom home located in the popular upscale neighbourhood of Graceville has been on the market for around 170 days according to CoreLogic data.

Much like the previous property, this is a self-built home, built on a large block in a desirable location. Properties of this size and quality don’t come on the market often, so it is perhaps surprising that a buyer has yet to be found.

One possible explanation for the lack of buyers at the upper level is the impact the credit squeeze has had on buyer finances. Homebuyers are nervous about taking on more debt and banks are less willing to lend money in a market which has seen property prices tumble.

Some buyers have also seen their serviceability (the amount of debt a borrower can manage) fall dramatically in recent months as banks tighten lending criteria. In some cases, buyers previously approved for a loan of $800,000 can now only get approval for $620,000. The net result is pressure on prices at the higher end of the market.

Cash-rich buyers are also holding off, waiting to see a bottom in the market before investing again.

While buyers for some properties are hard to come by at the moment, there are still buyers out there for the right price. So if you are willing to make adjustments in this area you should still be able to make a quick sale.

Your choice of agent is also critical in a difficult market. When times are good, anyone can make a sale. But when things get difficult a quality well-respected agent can make all the difference.