{"id":10155,"date":"2016-12-15T15:00:21","date_gmt":"2016-12-15T04:00:21","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10155"},"modified":"2016-12-15T15:00:21","modified_gmt":"2016-12-15T04:00:21","slug":"prestige-property-and-off-market-selling","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/prestige-property-and-off-market-selling\/","title":{"rendered":"Prestige property and off market selling – John McGrath"},"content":{"rendered":"

 
\nIn his column in\u00a0Switzer<\/a>, John McGrath discusses the\u00a0off-market sales trend that has emerged in Australia’s prestige property market.\u00a0<\/strong><\/p>\n

Here’s what he had to say:<\/h4>\n

A significant off-market sales trend has emerged in Australian prestige property due to an undersupplied market, better use of database marketing, the rise of the buyers\u2019 agent and increased opportunity for wealthy clients to maintain total privacy. \u00a0\"mcgrath\"<\/a>
\nMost popular in East Coast capital city markets, off-market selling is where a property is sold without any public advertising.
\nInstead, owners quietly list with a trusted professional who then introduces their home to pre-selected clients without ads or open homes.<\/strong>
\nIn our recently released\u00a0McGrath Report 2017<\/em>, we discussed how off-market selling is happening across all price brackets but particularly the prestige sector, where privacy is a priority for high profile clientele.
\nImpressive record prices have been set off-market, none more so than the $70 million Australian record for a single residence set in 2015 when Chinese-Australian developer, Dr Chau Chak Wing purchased James and Erica Packer\u2019s former home in Vaucluse, Sydney.
\nThis year, suburban records have also been set off-market in Sydney\u2019s Longueville ($11.88 million) and Rozelle ($4 million); in Melbourne\u2019s Northcote ($4.3 million); and in Brisbane\u2019s New Farm ($10.5 million) \u2013 the city\u2019s highest sale in 2016.
\nLack of stock has been a major contributor to stronger off-market selling in 2016. \u00a0\"city_graph_31_05\"<\/a><\/strong>
\nFrustrated buyers are asking agents for early notice of new listings and making premium offers to snap them up and avoid open market competition.
\nAgents are approaching home owners directly off the back of clients\u2019 requests for a particular street or a home with very specific criteria.
\nThis proactivity has given many owners the chance to sell for a premium, avoid marketing costs and remain off the radar.
\nIn Brisbane, off-market selling is occurring more so because vendors are worried they won\u2019t achieve their price in this current market.<\/p>\n

They don\u2019t want to pay for marketing then potentially face the risk of not selling.<\/h4>\n

So agents are orchestrating deals using their databases to match listings to buyers in a far more discreet and personalised way.
\nDatabase marketing has also facilitated the rise in off-market selling.
\nIn terms of sales strategy, database marketing is nothing new, but today\u2019s technology is enabling agents to do it better.\"house
\nThe size of agents\u2019 databases, built up over many years as our industry has shifted to a more personalised style of marketing as part of the mix, means agents can create real competition and achieve solid prices while also meeting their vendors\u2019 desire for privacy.
\nAgents are dedicating more time to developing personal relationships with buyers, especially in the high-end market, as our industry evolves from a largely transactional to relationships-based business.
\nSome agencies in Sydney and Melbourne have introduced password-protected online platforms that allow pre-qualified buyers to log in and view properties not advertised on the major portals.<\/p>\n

The proliferation of buyers\u2019 agents has also led to more off-market selling.<\/h4>\n

Clients of buyers\u2019 agents are time-poor and looking for a more efficient way of finding a new home.
\nSelling agents often introduce new listings to buyers\u2019 agents first and quick sales can ensue.
\nChinese social media, particularly the Facebook-equivalent WeChat is also enabling effective international marketing to buyers willing to move quickly to secure the best homes on offer.
\nWe believe prestige property will be the next growth story in Australian real estate.\u00a0\"foreign<\/strong>
\nThis sector did not move as much during the boom and price growth is overdue.
\nDemand for prestige property improved this year, with Chinese buyers continuing to move here for lifestyle and expats purchasing future homes in suburbs delivering solid rental yields until they relocate back home.
\nGrowing demand from foreign buyers, expats and local upgraders should move prestige prices forward, as long as the global economy remains stable.
\nVolatility in the share market, which is directly and immediately hit by events such as Brexit and acts of terrorism, might also attract more investment into Australian real estate over coming years.
\nIt also wouldn\u2019t be surprising to see more people investing greater capital into their homes due to changes to superannuation and the opportunity for tax-free capital gains.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In his column in\u00a0Switzer, John McGrath discusses the\u00a0off-market sales trend that has emerged in Australia’s prestige property market.\u00a0 Here’s what he had to say: A significant off-market sales trend has emerged in Australian prestige property due to an undersupplied market, better use of database…<\/p>\n","protected":false},"author":176692471,"featured_media":9170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,17,23],"tags":[],"class_list":["post-10155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-property-investment","category-selling-a-property-topic"],"yoast_head":"\nPrestige property and off market selling - John McGrath - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/prestige-property-and-off-market-selling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prestige property and off market selling - John McGrath - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In his column in\u00a0Switzer, John McGrath discusses the\u00a0off-market sales trend that has emerged in Australia’s prestige property market.\u00a0 Here’s what he had to say: A significant off-market sales trend has emerged in Australian prestige property due to an undersupplied market, better use of database...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/prestige-property-and-off-market-selling\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-15T04:00:21+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/prestige-property-and-off-market-selling\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/prestige-property-and-off-market-selling\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Prestige property and off market selling – John McGrath\",\"datePublished\":\"2016-12-15T04:00:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/prestige-property-and-off-market-selling\\\/\"},\"wordCount\":705,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/prestige-property-and-off-market-selling\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Latest Stories\",\"Property Investment Topics\",\"Selling a property\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/prestige-property-and-off-market-selling\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/prestige-property-and-off-market-selling\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/prestige-property-and-off-market-selling\\\/\",\"name\":\"Prestige property and off market selling - 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