Luke and Kate Whitehouse have bought a house off market, Camp Hill. Picture: Liam Kidston
Luke and Kate Whitehouse have bought a home off-market for the second time as more Brisbane buyers are purchasing property not yet listed for sale.
The couple, who have six-year-old son and a dog named Frankie, were in search of a new home when they approached agent Pat Goldsworthy of Place Bulimba with a list of properties they liked but weren’t on the market.
“Pat called some of the owners on our behalf and then in a sliding doors moment these particular vendors were actually getting ready to sell,” Mr Whitehouse said.
“He also gave the opportunity to other purchasers but we were quick and ready to go.
“Within 12 hours from the very first conversation we had a signed contract.
“We paid what I believe was a fair and reasonable market value, but it was opportunity and terms that were very appealing to the vendors.”
The couple secured the four-bedroom Norman Park Home for $1.5m after agreeing to the longer settlement the sellers wanted.
Analysis of listing and sales data by the Real Estate Buyers Agents Association of Australia (REBAA) revealed a jump in the number of homes selling off-market – either without a sales campaign or before the campaign can begin.
Luke and Kate Whitehouse have bought their latest home off-market. Picture: Liam Kidston
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Mr Whitehouse said the Norman Park home was their sixth property purchase and the second one bought off-market, and he believed being in a position to buy before a home was publicly listed gave them an edge in the current market.
“You’ve got to use every advantage you can,” he said.
“It does make it a bit harder to negotiate and you do need have an understanding of market value of the property you’re trying to purchase, but it does increase the likelihood of securing a property you’re after.”
Mr Whitehouse said building relationships with local agents helped him and his wife successfully purchase off-market.
“Real estate agent relationships are worth their weight, and early engagement too.
“You need to communicate what you’re after from a property and be flexible on terms and willing to work in with potential vendor.
“There’s only so many properties on the market, so if you do a bit of research and develop those relationships, it opens up an area of the market prior to the usual advertising period.”
Mr Goldsworthy said making contact with agents was integral to being able to land an off market property, along with being able to act quickly.
“If you’re getting an exclusive opportunity to buy before a home goes to market, you’re going to need to convince the seller its worthwhile selling to you,” he said.
“Generally, our recommendation (to a vendor) is that you will likely get a higher price by exposing a property to market.
“The only way pre-market or off-market sale will work is if your agent has relationships with buyers who suit the property or a data base that will reach those buyers.”
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