Property Buyers Swoop Silently

 

Property buyers swoop silently
 
THOUSANDS of Sydney homes are selling in secret, without a marketing campaign, online advertising or even a "For sale" sign on the front lawn.
Affordable homes are being sold moments after being publicly listed because real-estate agents are giving hungry buyers in their own databases a sneak peek before properties officially hit the market.
At the top end of town, private vendors reluctant to list multimillion-dollar mansions publicly are going through silent networks to attract only genuine buyers.
Although the practice has long been routine for luxury homes, negotiating an off-market sale is becoming more popular in Sydney's beachside suburbs, inner-west, east and North Shore, agents believe.
From Palm Beach to Maroubra, potential purchasers are turning to buyers' agents who, for either a fee of $13,000 to $21,000 or 1.8 per cent of the sale price, evaluate a property's suitability, then bid at auction or negotiate the best deal.
Real Estate Buyers Association president Byron Rose said silent listings had surged during the global financial crisis, when wary sellers did not want to create a perception that they had money troubles.
"In a certain price range, it's quite common. When you reach the $3 million to $4 million mark, up to 60 per cent of sales are off-market," Mr Rose said.
"When people advertise in a downturn, they think there's a financial problem with the people selling, but that's not always the case."
NSW Real Estate Institute president Wayne Stewart urged purchasers to get on agents' databases for property previews in a surging market of "instant buyers".
"Agencies have extensive databases, updated daily. Buyers come in through this marketplace and snap houses up before they hit the market officially," Mr Stewart said.
PK Property The Buyers Agents managing director Peter Kelaher said he was seeing more buyers frustrated by the lack of stock.
"A buyers' agent can find silent listings that are not on the net or in the paper," Mr Kelaher said.
"People silently list if they just want the real buyers coming through without the hoo-ha."
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