27 July, 2020 / Category: Coronavirus
One of the measurable changes Coronavirus has made to the Melbourne property market is that, now, 60 percent of the properties we secure for clients are settled off-market. It’s a significant increase from the numbers in 2019, when 35 percent of our purchases were off-market.
For our current clients, and any potential buyers, here’s some insight on why an off-market purchase may be the best option for the current circumstance; and, how partnering with a buyers advocate, like Infolio, can open up your access to off-market properties.
The discrepancy between this year’s and last year’s figures for off-market sales is an indication that people are approaching the property market differently because of Coronavirus. The high number of off-market sales suggests people are still wanting to sell, but are less inclined to do so publicly. Sellers are refraining from public sales because the rules around inspections and auctions are constantly changing, making it hard to predict if properties will garner the same level of interest as they may have before Coronavirus. Additionally, public sales add thousands of dollars in staging and advertising costs that can be less worthwhile without a good volume of foot traffic. We’re seeing, too, some vendors choosing to go off-market because they’re wanting to keep the reason for sale private, and off-market transactions provide some anonymity.
Coronavirus has meant a 30 percent reduction in the property stock being advertised online, so independent buyers are restricted for choice at the moment. Unless you’re a buyer who can wait it out for an indefinite amount of time, then working with a buyers advocate is a dependable and strategic option for gaining access to off-market property – which, currently, gives you about 50 percent more stock to choose from. Securing a property off-market also alleviates some of the stress that goes hand-in-hand with competing for property in public auctions and sales.
As much as the Coronavirus is having an effect on the market, the number of off-market opportunities that we’re seeing right now put us in firm belief that there are lots of positives to buying at this time – the many clients we’ve recently advocated for would also agree.
If you are interested to learn how we could help you find the perfect property during these uncertain times, click here to contact us.