Have visas - house not sold - can I extend the 5yr move out deadline if needed?

Hi, we got our visas stamped in Perth and know that we have just over a year to sell our house. We were doing a huge renovation, had a baby and now hoping to go asap. If our house doesnt sell before the 5 year moveout deadline will that be 'it' for us and our visas cancelled? We couldnt afford to pay rent & pay this mortgage. If we didnt have this little bit of equity we would have thrown the keys back at the bank....just beginning to worry - has anyone any gone through this or can offer any advice?

Thanks

They will not normally extend the 5 year deadline, I think you will find that the DIAC take the attitude that if you cannot move out in 5 years then you lose the visa. I have only ever seen one successful application to extend the 5 year deadline and that as because a member of the migrating family died just before moving to Australia.

Good luck with everything

Your best course of action is probably to finish the work, get it on the market and get it sold as quickly as poss. And come up with a plan B like renting it out if you can't get what you want for it. Seen too many people get stuck between a rock and a hard place because they refused to accept market reality and wouldn't sell for less than they thought it should be worth