Sydney’s off-market hotspots
Sydney’s ‘off-market’ property transactions are happening in the city’s hottest suburbs at a faster rate then ever before. We’re seeing a new trend of educated buyers pouncing on off-market opportunities as they hone in on lifestyle properties or investments.
A ‘buying/selling without advertising’ movement might seem peculiar to some, but it’s bringing people who know what they want from property, and allowing transactions to happen more discreetly, and with less fuss.
Hot suburbs for off-market sales
Inner-city growth spots are some of the most popular places for transacting beneath the radar. On our off-market platform, we’re seeing the highest amount of off-market activity in Paddington, Darlinghurst, Surry Hills, Potts Point, Marrickville and surrounds. Similarly in Hunters Hill and beyond, residents of long-established suburbs are using the website to transact inconspicuously.
Coincidentally, they’re suburbs with a fast pace and fewer days on market – where both buyers and sellers know what they want. As a buyer recently told us: “if you’re familiar with your area and what you want to purchase, it makes sense to follow ‘off-market’ opportunities”.
Why go off-market?
Sellers are listing off-market to test their property’s own popularity and demand. Discreet and less disruptive, it removes the need for a calendar full of inspection days. With no ‘for sale’ sign, things happen organically, even if the results often come fast.
These vendors understand their segment of the market better than anyone. An off-market campaign positions their property at a genuine price, in front of qualified buyers, without the stress or deadlines that come with a full campaign. For buyers, it’s also a chance to make deals without the usual frenzy of a purchase process. Off-market buyers have often missed out on a previous auction, or are fed up with the continual misinformation regarding Sydney prices.
“We wanted a process where the price was more transparent,” said the buyer of 61 Victoria Street, Potts Point. Both the vendor and we knew the price they were chasing, and we went from there.”
At 2/44a Bayswater Road, Rushcutters Bay, an off-market campaign recently saw 10 enquiries in 24 hours, with an offer on the table within 48 hours. Its popular Art Deco setting spurred the activity. Owners in the building here have certain expectations, but buyers often see big value in buildings of this era.
Nearby in Darlinghurst, 26/74 McLachlan Avenue sold to a buyer on the BresicWhitney off-market platform within four days of listing. “We were aware homes were selling under the radar so we asked to be put on a database for properties being sold off-market,” the buyer said.
“We had looked at an almost identical property on the same floor in the same building, so when this one came up through the off-market process we went in prepared. In our case, we had already done our due diligence so we only needed to visit once – that was it.”
We spoke with another regular who’s been both buyer and seller on the BresicWhitney off-market platform.
“As a seller, you’re looking for a certain level of demand – a property people want to live in, or one that’s highly leasable,” he said. “Registered buyers already know what these properties are. Selling off-market is a comfortable way to test if your property is one that people want.”
A new importance
The popularity of off-market properties in the city and Inner East appears to be driven by a new buyer-awareness of the process. As Inner West pockets are forging their own in-demand reputation, we’re seeing off-market inquiries shadowing traditional auction and advertising channels.
And now it’s happening across the entire inner city.