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How to find off-market properties in Australia

Off-market properties are homes for sale that are not publicly listed or advertised. See the top strategies for finding off-market properties in Australia.

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What are off-market properties?

An off-market property is one that’s sold without being publicly advertised. Instead, the property is sold in a more private process through word-of-mouth promotion and negotiations with a small number of selected potential buyers.

Off-market property sales almost always still involve a real estate agent working on the seller’s behalf, but their role is less about presenting the property for sale to a wide range of buyers and more about direct engagement with contacts who are in the market to buy.

With an off-market sale the property is generally offered to potential buyers in the agent’s network (e.g. people who have missed out on similar properties recently) or to buyers agents that the selling agent has a relationship with.

In other cases, off-market sales may be buyer-led where a buyer’s agent works on a client’s behalf to find properties that are not ‘for sale’ but have an owner who may be open to selling. For example, the property may have been for sale on a previous occasion but for whatever reason did not close.

There are a few different reasons a property owner may decide to sell their property off-market, and indeed there are times when it happens without a deliberate intention on the part of the seller. Below are the most common reasons it happens.

House in Canberra

Why are properties sold off market?

The property is not yet market ready

A seller and their agent may opt for an off-market sale if the property is not in a suitable condition to be advertised publicly (there’s only so much staging can do to improve a property). Instead of spending time and money getting the property ready for sale, the better option may be to market it privately to motivated buyers who are less likely to care if everything about the property is not pristine.

The seller needs a quick sale

Preparing a property for public sale, advertising it and arranging open homes take time (generally at least a month). If the seller needs to move faster than that, an agent may simply promote the property to interested parties in their existing network and look to agree a sale in weeks instead of months.

The seller wants privacy

If the seller doesn’t want the world and its dog knowing that their house is up for sale, going off-market is usually the route they take. That way, a much smaller number of people will know the property is being sold. These people will still want to view the property, but there won’t be nosey neighbours coming along too, as there almost always are with an open home.

The seller is looking to save on sale costs

This is a much less common reason but it does happen. It can cost up to $10,000 to advertise a property for sale and some sellers simply don’t want to pay that. Or, they may not think it’s necessary if they are confident they can sell the property for a good price without the photography, staging, website listings etc.

The agent has potential buyers already lined up

In some cases, the selling agent might have buyers or buyer's agents in their network who are likely to be interested in the property. These are usually people who have missed out on other similar properties in the area recently. If that’s the case, most agents will try to engage those prospective buyers first before listing the property.

Access to the property for open homes is limited

If the property is tenanted, listing it publicly may not be practical, particularly if the owner and tenants are not on good terms. For example, the tenants may make it difficult to arrange open viewings. The pandemic was another example (albeit rare) where arranging viewings became impossible and off-market sales spiked as a result.

The property is very niche

If the potential market for the property is limited (e.g. a farm homestead and land), some sellers and their agents will take the view that a broad advertising campaign doesn’t make sense. Instead the approach is often to pursue more specialised channels, like engaging with buyer's agents whose client base is likely to be interested.

It’s a soft seller’s market

If a seller is concerned that their property may not sell, an off-market campaign is sometimes a good way for them to hedge their bets. This way they can gauge market interest, and either sell the property or list it with a greater level of confidence having tested the waters. Or if the off-market activity confirms their concerns, they will leave it at that and wait for a better market to sell in.

What kind of properties sell off-market?

  • Prestige and luxury homes High-end properties are often sold off-market to protect the privacy of high-profile sellers or buyers and to create a sense of exclusivity. Think multi-million dollar homes, penthouses, or waterfront residences
  • Properties in poor or unfinished condition Homes that need significant repairs, renovations or are part-way through construction are often sold off-market. Owners may want to avoid the scrutiny or costs of preparing these properties for public campaigns.
  • Tenanted investment properties Rental properties with tenants in place are sometimes sold off-market, especially if access for open homes is limited or the owner doesn’t want to disrupt existing leases.
  • Development sites and blocks with subdivision potential Parcels of land, knockdown homes, or properties with potential for redevelopment are frequently offered off-market to developers or neighbouring owners looking to consolidate sites.
  • Niche or unique properties Farms, rural properties, heritage homes or architecturally unusual dwellings are often marketed off-market because their buyer pool is likely to be small and specialised.
  • Commercial properties Shops, offices, and warehouses may be sold off-market, particularly if the sale is sensitive (such as when a business is still trading) or if the owner wants to target specific investors.
  • Adjoining properties Properties next door to a recent sale, or blocks that are being assembled for redevelopment, are commonly sold off-market to new neighbours or developers seeking to create larger sites.
  • Off-the-plan apartments and pre-sale projects Sometimes, developers offer apartments or townhouses off-market to VIP buyers, investors or existing clients before launching a public sales campaign.

How to find off-market properties (4 strategies)

1. Network with real estate agents

While selling off-market is not the traditional route for property owners in Australia, it almost always still happens via a real estate agent. That means if you want to find off-market properties, you’re going to need to get to know a lot of real estate agents.

Get in contact with the prominent agents in the area you want to buy and ask to be added to their mailing list. This is not a time for being shy. Real estate agents are notoriously busy so you may need to make several attempts at making contact to properly stamp yourself on their radar. But if you show you are keen to buy, real estate agents are your friend as they control who hears about new properties for sale and when.

One way of building relationships with real estate agents is to attend open homes they are hosting. Even if you have no interest in that particular property, it’s an opportunity to tell the agent about the kind of property you are interested in and would like first dibs on.

2. Work with a buyer’s agent

Ultimately the most effective way to access off-market properties is to use a buyer’s agent. They already have relationships with local agents and can leverage them on your behalf. An experienced buyer’s agent is like a sniffer dog, with a finely-tuned sense of how to find quality off-market opportunities for clients.

There is a cost to use a buyer’s agent, but if you are serious about having off-market properties as part of your buying strategy it’s going to be much more difficult to do that without a buyer’s agent. A buyer's agent is particularly valuable if you are buying a property in Australia from overseas or even interstate.

3. Use property forums and websites

It’s usually also worth keeping an eye on property forums where owners sometimes post about properties they would like to sell off-market. Other buyers may also post about properties they are aware of but don’t want for themselves.

Property forums are also just generally useful places to network and get insights you might otherwise miss out on.

Just be aware that it's usually not the A-grade off-market properties that find their way onto online forums. In fact it’s almost always lower-end properties where the owner is simply trying to reduce selling costs.

4. Door knock and mail drop

We don’t necessarily recommend this approach, but it’s not unheard of for buyers to snap up a property having simply door knocked in their preferred area. The alternative of course is posting flyers in mail boxes.

Either way, the idea is that you introduce yourself to homeowners in the area and let them know that you are looking to buy. It obviously helps if you’re friendly and not overly aggressive in pitching the idea.

This can be like trying to find a needle in a haystack and may end up taking a lot of your time, but it can work.

What are the benefits of buying off-market?

It’s a more difficult game to play versus scrolling through the property websites, but there are several benefits to buying property off-market, including:

  • Less competition: Getting access to a property before it hits the open market gives you an opportunity to nab a property that other buyers won’t even know is available. You’ll have fewer competitors and a higher chance of securing the property.
  • Faster sales process: With no open homes and back and forth between the real estate agent and potentially dozens of interested parties, an off-market sale often happens faster.
  • More privacy: You won’t need to view the property in the company of other parties at an open home. With an off-market property you may have a private viewing or at least have fewer others involved.
  • Potential to nab a bargain: Some off-market sales are the result of a divorce or deceased estate where the sellers are motivated to sell in the most efficient way possible. This often puts the buyer in a stronger negotiating position. The seller is also potentially saving a significant amount in advertising costs and may be willing to accept lower offers as a result.

Are there any risks with buying off-market properties?

  • You could end up overpaying: For quality properties, a buyer looking to purchase off-market often needs to pay a premium to convince the seller not to ultimately progress with an advertising campaign.
  • Harder to assess market sentiment for a property: Without an open home, where you can easily gauge how many other buyers are interested in the property, you’re somewhat flying blind with an off-market sale.
  • You’ll have less time to make your mind up: If an off-market property becomes available, you generally need to act fast if you want to secure it. In this situation it can be easy for buyers to feel rushed and make a decision that they otherwise mightn’t with the luxury of more time.

Do I save money by buying a property off-market?

You generally don’t save any money by purchasing a property off-market. In fact, you typically need to pay more than you might offer for an advertised property to make it worth the seller’s while. After all, if your offer isn’t where it needs to be, the seller can always take the property to market in the hope of securing a higher price with more parties vying for it.

The benefit as a buyer is exclusivity, and as in most aspects of life that comes at a price.

There can be exceptions of course. If the seller is particularly keen on avoiding the need to advertise the property or wants a fast sale, that’s when the buyer has more leverage and may be able to secure the property at a discount.

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