Some houses sell almost immediately after hitting the market and others take a little while before attracting a buyer. And then there is the case of No.2/31 Chaffey St. in Gladstone, Tasmania, which just passed its 1,500th day on the market.
According to a report in RealEstate.com.au, the property was initially offered as a multi-unit property with two units listed for overnight accommodations and the third used for rental housing. But buyer interest in this set-up was nonexistent.
“Once we split into three, we sold two of the strata titled properties, while one — No.2/31 Chaffey St — still remains on the market for sale,” said property representative Andrew Bennett.
Why is this house so utterly resistible? According to Bennett, its distant location from the nearest city – in this case, Launceston – puts it at a disadvantage.
“There is nothing wrong with the property, but you have to consider that it is two and a half hours out of Launceston, which is difficult for people who work,” he said.
Bennett noted that Gladstone is not without amenities – a general store and a pub are nearby – but medical care and other services require extra travel. Still, Gladstone is hardly a market without any real estate movement.
“Two years ago, I sold five properties in Gladstone, but that was a different market,” Bennett lamented. “No.2/31 Chaffey has had just three inspections in 12 months.”
The two-bedroom, one-bathroom property is currently online priced as “Best offer over $255,000” – in U.S. dollars, that would be roughly $162,500.