September 6, 2023
But what exactly is an off-market property, how do you find one, and most importantly, how do you buy one?
The "off-market property" line often confuses people because they think that because it's "off-market" the property is not for sale. The property in fact is for sale, however "off-market" refers to the way the property is advertised.
Off-market properties are for sale but these properties are not widely advertised. Sellers may choose to sell off-market due to such reasons as:
Admittedly, Listing Loop is biased on this issue but off-market buyers should consider the following:
As we begin the traditionally uber-busy spring real estate season, this question is more important than ever.
Plus, we've just experienced the third consecutive month of unchanged interest rates - the first such period since rates started rising in May 2022.
But any property buyers should prepare for the fact that advertised supply levels are low - meaning it's a seller's market out there.
CoreLogic executive director, Tim Lawless, noted in the September Home Value Index report that the lower-than-average supply level remains a key factor supporting upward pressure on home values.
“We have seen vendors becoming more active though winter, which is seasonally unusual,” Mr Lawless commented. “However most of this fresh stock is being absorbed by the market".
This absorption could mean that buying off-market could be key to finding yourself a new home.
As Listing Loop chief executive officer, Rhett Dallwitz, recently told Money Magazine, the off-market category accounts for around 20% of available properties in the country.
"In Australia, we have approximately 140,000-145,000 properties for sale right now on the market, Mr Dallwitz said.
"What we're saying though is that there's another 30,000 or so right now that are being promoted off-market that a lot of consumers just aren't aware of."
In this way, your off-market property could be just around the corner or at the other end of the street - but how do you buy an off-market property if you don't know that it's for sale?
Listing Loop naturally proposes that all buyers explore our property marketplace, which gives you free, first-time ever access to properties around Australia. Plus, we have, a Perfect Match option for you to truly help you hone in and find your dream property.
While Listing Loop is doing your legwork for you, there are plenty of other steps you can take on your off-market property journey, including:
Listing Loop is home to off-market properties, pre-market properties and more. We are proud to make discovering off-market properties easy for our members.
If you find the perfect off-market property, our fantastic Buyer Assist service gives buyers the support of expert real estate negotiators to secure the best deal for your property purchase.
So, sign up for free to become a Listing Loop member today.
Discover pre-market and off-market properties you didn’t know were for sale.