The Australian luxury homes worth millions but with no buyers

Some of Australia’s grandest homes have been sitting on the market for more than a year some for more than two. With multi-million-dollar price tags, some in excess of $15m, buyers for these homes are hard to find.

Listing agents say patience is often the key when selling such luxurious properties, particularly those priced above $10 million or located in rural or regional locations.

New South Wales

Paul Cutcliffe from Cutcliffe Properties, who is selling a stunning sandstone homestead in Kurrajong on the lower slopes of the Blue Mountains, just 75km north-west of Sydney, says the pool of buyers for homes like these are small, so they can linger on the market for some time.

“It’s fair to say there’s fewer buyers for these types of properties and so they do tend to take a bit longer to sell,” Mr Cutcliff said.

The stunning four-bedroom, four-bathroom home at 575 Comleroy Road has a sale price of above $5m and was listed more than two years ago, in January 2023.

VIEW LISTING:575 Comleroy Road, Kurrajong, NSW 2758

Mr Cutcliff says the property, which is set off an idyllic country road, among rolling hills and picturesque valleys, has attracted plenty of interest and he is confident he will find a buyer for the home.

“It’s a very unique sandstone home, so it would be very, very expensive to replace today. It’s architecturally designed and is just a beautiful property,” he said.

“We’ve had quite a lot of enquiry. It’s certainly captivated the interest of a lot of buyers,” he said.

Victoria

Meanwhile, in Victoria, a luxurious Italianate mansion, described as one of Australia’s most prized private residences has been on the market for close to 10 months, with an asking price of $12m.

The grand home, known as Noorilim, was listed in September last year by the family of the late Melbourne art dealer Rod Menzies.

VIEW LISTING: 205 Wahring Murchison East Road, Wahring, VIC 3608

Located on the Goulburn River, near Murchison, about 150km north of Melbourne, the property boasts its own beach, 75ha of mature vineyards, sprawling botanic gardens, an ornamental lake and boathouse.

The 140-year-old mansion itself, which was designed by architect James Gall in 1879 for parliamentarian William Winter-Irving, features a majestic tower, elaborately arched verandahs,15 ornate fireplaces, seven staircases and 20 rooms with soaring ceilings and lavish interiors, including a library, a study, ten bedrooms, servants’ quarters, cellars and a minstrels’ gallery.

The estate is listed by Christie’s International Real Estate and it has been reported that several overseas buyers have shown interest in the property, including from Asia and the Middle East, as well as international hotel operators. But no formal offers have yet been accepted.

Queensland

In Sanctuary Cove on the Gold Coast, a French provincial mansion with over 60m of water frontage and a price tag of $15.95m was listed in May 2023.

Two years later, the home is still without a buyer.

Arcachon’is described as one of the finest properties in the sought after gated community of Sanctuary Cove and is located on one of the most desirable roads.

VIEW LISTING:8085 Riverside Drive, Sanctuary Cove, QLD 4212

The home, which was built in 2011 also boasts a total floor area of 1137m2, an uninterrupted 180-degree view of a protected nature reserve, a pool and jacuzzi.

Inside the five-bedroom, five-bathroom palatial home are four living areas, plus a library/media room, a provincial style gourmet kitchen with informal dining, a garage with room for up to eight vehicles, a wine cellar, and an impressive gymnasium.

It also boasts a state-of-the-art pontoon with private access, which can accommodate a 30m vessel.

Western Australia

In the beachside suburb of Trigg, north of Perth’s CBD, real estate agent Haiven Property is asking for offers above $10m for a stunning coastal property which was first listed for sale in July 2023 for $16m.

Agent Oliver Hess says there has been plenty of interest in the home at 9 King Albert Road during the past 20 months but they are still waiting for a buyer.

VIEW LISTING: 9 King Albert Road, Trigg, WA 6029

“It’s definitely at the upper end of the market and it would be fair to say it’s one of the most expensive properties, if not the most, in that north coastal belt,” Mr Hess said.

He said the high price means there is a smaller buyer pool, even amid a property boom in the west, but says the property offers incredible value.

“From a replacement cost point of view, you would be looking at $12 million to rebuild a home like this and then you’ve got to find a block,” he said.

Mr Hess said blocks like this one are hard to find.

“The house has the largest frontage on West Coast Drive, which overlooks the ocean. It was built in a way that gives it a 50m frontage, which is huge,” he said.

The four-bedroom, four-bathroom home, which was built eight years ago, not only has magical ocean views, it features three large separate living areas, a study, entertaining deck, outdoor heated pool, spa, sauna and steam room and a six-car garage.

South Australia

In the rural suburb of Yatala Vale, northeast of Adelaide, a palatial mansion has been sitting on the market for more than seven months. It was previously listed in April 2022 before withdrawn later that year.

With an asking price above $10 million, the Provence-inspired estate blends the grandeur of the Romanesque period with the elegance and beauty of French provincial architecture.

VIEW LISTING:488-500 Yatala Vale Road, Yatala Vale, SA 5126

Called Yatahlia Manor, it boasts 2271 sqm of living area, eight bedroom suites, four ensuites and six full bathrooms, four powder rooms, an oversized lift, an immense open plan living and dining area, a dedicated butler’s pantry, a wood-panelled library, a fully-outfitted home cinema with stadium seating, a music studio, an arts and crafts room, a billiards room, games room, a dedicated gym, formal dining room, sitting room, and a 662sqm hangar.

The home was dreamed up by its current owner as a child and took 14 years to complete.

The 2.9ha property is currently listed for sale with Giordano and Partners who have reportedly fielded interest from a number of interested home buyers but are yet to secure a sale.