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Off-market sales becoming more common

Real estate & property news
30 May 2020
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It was interesting to see that off-market sales were being mentioned in Saturday’s Herald-Sun. An article by Jayitri Smiles on page 9 talked about ‘a flurry of off-market deals’ being negotiated around Melbourne, particularly at the top end of the market.

What many people may not realise, however, is that off-market sales are actually quite common in more affordable price ranges in our local market, as we mentioned in LAST WEEK'S REPORT.

If you are unfamiliar with the term, selling ‘off-market’ means that the property is for sale, but it is not promoted through the usual channels such as the real estate portals on the internet, or through the printed media.

An off-market sales campaign makes use of a real estate agent’s database of buyers, with the agent contacting all those buyers whose specific requirements match those of the property in question. This is one reason it is so important to keep the lines of communication open with the agents you are dealing with, as keeping your cards too close to your chest can result in you missing out on an off-market property that could have suited you perfectly.

We were reminded of the role that off-market sales can play in the current market with several great results being achieved without the neighbours even being aware that a property in their street was on the market.

In fact, in the past week alone our team has set two new price records for Wave Street and Willis Street in Frankston through the strategic use of an off-market sales strategy.

With the final auction clearance rate for last week from the REIV coming in at 78%, and this week’s initial result being reported as 73%, there is no doubt that there are opportunities out there for anyone considering selling in Melbourne’s bayside suburbs right now…and that was before the new attendance rules come into effect on Monday, easing restrictions even further!

Are you currently considering making a move? If you’d like to be sure that you are maximising your result through experienced advice and extensive local market knowledge, be sure to give the team at Barry Plant Frankston a call on 9781 3100.


Barry Plant Real Estate

Frankston & Cranbourne

Real estate & property news
30 May 2020
Save Article

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