Why are off-market property sales growing in Australia?
March 16, 2021
Could selling off-market be the new black?
Across Australia, there are plenty of properties on the market.In fact, according to CoreLogic figures there are 13.8 per cent more homes lingering on the market in Melbourne than in September 2017.But this doesn’t always translate to sales. From a seller’s perspective, this means the competition is fierce. From Mount Martha to Red Hill, there could be hundreds of properties up for sale. As a result, you’re under a lot of pressure to make your home stand out and avoid a long-standing marketing campaign. You might experience auctions where no one bids. Or they bid beneath your minimum price. You’re not the only one. Auction clearance rates have slipped well below 50 per cent across the nation.As a result, more and more Australians are their changing tactics and choosing to sell their home off-market.
What is off-market selling?
An off-market property that isn’t advertised across the mainstream real estate channels. It’s a more personalised selling approach, where relationships are typically made with real estate agents who then connect buyers with suitable properties.It’s like a matchmaking service for property.In the past, the trend for off-market sales campaigns was dominated by high-end properties. But it’s now becoming a lot more mainstream.
Why are more houses moving off-market?
When there’s a lot of competition, it can become more difficultfor marketing initiatives to stand out and capture buyers' attention. Not to mention, the expense that comes with it.As anyone in the real estate industry would know, Australia is actually one of the most expensive markets in the world per capita for real estate advertising. But you if take the off-market approach, you can skip the tedious parts. Enough researching and sorting through properties that aren’t the right fit. Buyers no longer miss out on finding their dream home.