In all the years of having media exposure this week we experienced a dramatic response to an article which quoted Rose & Jones regarding our current experience with the growing number of off-market property listings in this COVID-19 property market. It goes against the widely reported ‘slump’ of the Sydney property market since the corona-virus restrictions were put into place (and had a direct impact on the way the real estate industry operates).
This heightened buyer enquiry level confirms that the demand for quality property in our core Sydney housing markets remains. Property buyers are starved right now if they are only looking at properties advertised online. Potentially they could be missing out on a large portion of suitable options which are available and not advertised. For our clients, in recent weeks, well over 50% of what we inspect is now off market. Without the representation of an experienced buyer’s agent property buyers are not accessing 100% of the market.
Since March 2020 at Rose & Jones we have recorded around 45% increase in the number of properties we have added to our off-market property listing database.
The discounts on sales of off-market properties has not been substantially different to the asking price – on average, less than 5%. Our off-market property database doesn’t necessarily offer our clients the biggest discounts in this ‘covid-property market’, but in March, for example, our database would open up 150 more doors than someone only looking at what is available online.
The number of off-market property listings has increased for a number of reasons including vendors not wanting to invest in a marketing campaign during uncertain times;
There have also been a few ‘fire sales’ come through on email where the ‘vendor must sell within 48 hours’. This is a sad state of affairs for the seller however it presents a great opportunity for property buyers with cash; also, an off-market transaction does provide discretion and anonymity for all involved which may appeal to people in unfortunate situations in the current market and forced to sell.
The market is more fragmented now than ever – whilst I have still seen quality property in good locations selling well and not at heavily discounted prices, less sought-after properties which are more readily available in the market, are selling for much less than what they would have sold for in February. This is highlighting the importance for property buyers to be selective and well informed regardless of market conditions, be picky about what compromises they make when selecting a property. Some properties are more market-proof than others.
For our clients the discounts are out there but, in some cases, need to be avoided. Sourcing quality property in a market with constricted stock levels can be the biggest challenge faced by property buyers and access to a large off-market property database can be the opportunity they have been needing.
For you own personal access to our database of over 1000 off-market properties listed across the prime markets of Sydney, call Lauren Goudy or one of the experienced team of Buyer’s Agents at Rose & Jones.