With the holidays fast approaching, buyers are being told to do their due diligence when it comes to buying properties.
The Real Estate Buyers Agents Association of Australia (REBAA) has warned that the holiday season’s typical reduction in listings might push buyers toward off-market properties without proper consideration of the risks involved.
REBAA President Melinda Jennison said while off-market properties are available year-round, the holiday season presents unique challenges.
“Off-market properties can become an appealing option for buyers who are finding limited choices on major real estate portals,” Ms Jennison said.
“There’s often a perception that ‘off-market’ listings mean access to more exclusive opportunities, which can draw in buyers seeking greater choice in a competitive market.”
She said that professional buyers’ agents maintain access to off-market properties throughout the year through their established networks.
“In assessing these opportunities, it’s crucial to conduct thorough due diligence to ensure the dwelling aligns perfectly with the client’s brief and, most importantly, is not overpriced,” she said.
The current market conditions in certain cities are making off-market sales particularly questionable.
“In low listing volume markets, such as Perth, Adelaide and Brisbane at present, buyers need to seriously ask themselves why any vendor would sell their property off-market when there is more demand than supply,” Ms Jennison said.
She warned about the rise of inexperienced buyers’ agents who focus solely on off-market properties.
“The reality is that oftentimes these ‘opportunities’ are overpriced B- or C-grade properties presenting as exceptional finds,” she said.
“REBAA members always consider 100 per cent of the market when searching for the perfect property for their clients.
“The method of sale, or whether a property is on or off-market, should not be the sole determinant of its suitability and value.”
