Why Sydney is selling ‘off-market’ again
Remember when fomo underpinned the Sydney market and everyone was one-upping each other just to get into a property?
The same people who missed out in the last upswing have been watching Sydney’s price correction for the past two years. They weren’t jumping quickly to buy during that time.
But they are now. Only they’re better prepared, calculated, and more measured than before.
Look at off-market sales as an example. At this point during the last financial year, BresicWhitney had sold 32 properties off-market, 12% of our sales.
For the financial year so far, buyer demand has brought together 80 off-market sales, or 27% of total transactions.
More than casual onlookers, these buyers are often more progressed in their journey to purchase something. Online, the BresicWhitney off-market listings clock up an average of 2 minutes and 40 seconds for each viewing. The current average view time on regular listings is around 38 seconds.
We’re also seeing buyers come to us with their own wish lists and criteria. This month, more than 500 people updated their settings in our database to ensure their search results are more relevant. You can do the same here.
Perhaps more significantly, half of our purchasers this month have come from within that BresicWhitney buyer network. That is, where we directly introduced them to the property they purchased.
On three separate occasions this month, the post-sale dynamic was strong enough to sell the house next door to the underbidder.
When 18a Fairmount Street, Dulwich Hill, sold for $2.1 million, the underbidder snapped up #18 for $2.03 million.
The same happened at 207b Pitt Street, Waterloo which sold off-market for $1.63 million. It went to the underbidder of this property next door.
After 108a Ryde Road, Gladesville sold at auction for $1.82 million, the underbidder bought next door for $1.71 million.
Our Balmain agents have put together a string of off-market sales in the classic Peninsula house bracket. Drawing on known local buyers, they’ve been introducing around 15 ready-to-buy groups to such listings. Even high-end homes such as 48 Smith Street, Balmain have traded behind the scenes.
The same has been happening across the Inner East with a terrace to suit renovators sold at 109 Underwood Street, Paddington.
In the Inner West, BresicWhitney teams were given a two-week window to sell 219 Trafalgar Street, Annandale. We showed 10 pre-registered buyers to sell the home in 3 days for over $4 million.
Another home that attracted renovators sold off-market in just 3 days for $1.21 million at 51 Douglas Street, Redfern.
Many 2019 buyers have been waiting on the sidelines to feel some confidence again around timing. With Sydney’s low stock levels continuing, and recent interest rate cuts, some spring sellers testing our off-market channel have been met with energy reminiscent of a different year.