Best deals are found off-market

First homebuyers and investors need to find properties before they go on the market if they want to secure the best deal, according to property adviser Chris Gray.

The extension of the First Home Owner Boost will stimulate continued demand for properties at the lower end of the market, stirring up buying competition, Gray says.

As a result, buyers who want a good deal need to secure the chance to make offers on properties before they hit the market.

“If they want to buy at or below market value, they need to look at other avenues rather than listed property,” Gray says. “They must get the chance to bid before properties go to market.

“Few vendors are keen to spend $5000 to $15,000 on marketing fees, especially in an uncertain market. They often ask their real estate agent to show it to their database first.

“Many others find auctions risky and are nervous about whether buyers will attend or bid. These may take a guaranteed offer beforehand rather than risk an unfavourable sale at auction.”

Gray says professional investors and buyers agents often handpick these properties before they go to market.

“The public gets what’s left. Buyers must become savvy and learn the techniques of industry professionals if they want to get ahead of the competition.”

Gray says he recently used this technique to help a client acquire a block of seven units over a nine-month period.

“Five of these were silent sales,” he says. “Not only do vendors save $5000 to $15,000 on marketing fees, they often get a sale within 24 to 48 hours.”