Property listings not always best deals
Investors only looking towards property listings are missing out on some of the best investment opportunities and deals, according to a leading buyer advocate and property management agency.
With fewer properties listed and going to auction in the current softer market, buyers need to look at off-market, pre-market and private sales, according to agency infolio, who are seeing an increase in unadvertised stock in Melbourne.
Around a third of the properties bought through infolio have been off-market sales, the agency reported.
infolio’s Cameron Deal said that this is one way investors can easily skip competition and get a bargain.
“You are not competing with the wider market therefore you should be able to buy a property for the right price rather than inflated by auction conditions,” Mr Deal said.
This is not limited to any particular price point in the market, with one property recently purchased through the agency being secured for $3.375 million, rather than $4 million at market value.
“Learning about a property before anyone else and making an early offer is key to avoiding potential competition and securing the most favourable outcome,” he explained.
This increase in off-market sales has also been seen by Chisholm & Gamon Property’s director, Sam Gamon.
“Vendors in a softer marketplace look for ways to minimise advertising costs and will quite often approach agents on the basis of a quiet and discreet private sale. Sometimes this is cost driven and other times it’s due to a vendor having a desire for privacy.
“Invariably, we meet all sorts of different vendors and whilst their ultimate objective is to achieve a sale, they have different motivations and goals,” he said.