When buying Off Market Properties Melbourne, it is crucial to understand what you’re looking for. This will help you narrow down your search to homes that are most likely to suit your needs and requirements. This includes location, property type and any features that are non-negotiable.
Are property prices falling in Melbourne?
The Melbourne real estate market has experienced a shift in the overall property landscape. In particular, there has been a flight to quality in the marketplace. A-grade properties are still attracting strong buyer interest, however B-grade homes are taking longer to sell and informed buyers are avoiding C grade properties. This has resulted in a more segmented market which will be more reflective of a ‘normal’ property cycle.
As a result of the shifting market conditions, auction clearance rates have remained lower than last year. This has seen a rise in pre-auction purchases as sellers remain wary of the current market conditions. Additionally, after auction pass-ins and intense negotiations, we have seen significant price escalation following the auction day.
When searching for a home, it is important to consider different areas and suburbs. This is because prices vary dramatically between different neighbourhoods. It’s also worth researching past sale prices in the suburbs and streets you’re interested in. Once you’ve narrowed down your search, it’s helpful to have a relationship with a local agent who knows the property market well and can help guide you through the process. If you don’t have a local agent, it’s a good idea to make connections with mortgage brokers and bank home loan associates. These people often have access to off-market listings that aren’t advertised in the mainstream.