Several local real-estate agents have noticed a rising trend in off market sales.
Selling a property off market, without public advertising, has historically been used as a last-minute method to get a quick sale.
But Belle Property agent Mandeep Singh said he noticed more and more people choosing the off market option.
“Maybe two properties out of 10 sell off market,” Mr Singh said.
“It’s not a huge amount, but it’s big compared to what it used to be.”
Mr Singh said selling off market was ideal for select people if they found the right buyer.
“Some people really don’t want to put their property on the market and spend money on open homes and all those things,” he said.
However off market sales often attracted “passive buyers”.
He said a passive buyer wasn’t as diligent in scouring the market, and although off market sales were more convenient, low cost and less hassle, they could be “riskier”.
“Achieving the optimal price for a home is largely dependent on the agent, and their ability to find exposure for the home,” he said.
“My job is to help my client.
“If they can get better value for the property [off market] I might recommend it.
“One client put their property on the market and got $70,000 more.”
Mr Singh said to sell off market the agent and seller needed a clear idea of what they were doing.
“The agent needs to know the suburb… and have the knowledge to provide exposure,” he said.
“If it is a good agent then the property will still get the exposure.”
He said off market sales were not the future of the industry, despite recent rises.
“I don’t think it’s going to make a huge difference on the [future] market, but it means that some buyers are going to miss out on their dream home [because it has been sold off market].”
