![\"Property](\"https:\/\/fmsto.blob.core.windows.net\/cms\/images\/055\/0004_637738414169574384.jpg\")
<\/p>\n
Property owners who sold their homes off-market ended up losing around $30,000 on average.<\/p>\n
The latest PropTrack report, which covered sales in 2019 and 2020, showed that homes not listed or advertised sold 2.6% less compared to those listed online.<\/p>\n
PropTrack economist Paul Ryan said selling off-market should be seen with caution as it could come with a significant cost.<\/p>\n
\u201cWhile some sellers might be trying to save money by not advertising online, the potential earnings lost in the final sale price are estimated to far outweigh the initial cost of advertising, on average,\u201d Mr Ryan said.<\/p>\n
According to the report, sellers in NSW, Victoria, and the ACT were worse off when choosing to sell off-market relative to other states.<\/p>\n
For instance, houses sold off-market achieved prices that are 2.7% lower in Sydney and 4% less in Melbourne and the ACT.<\/p>\n
Overall, these losses equate to $30,000 on average.<\/p>\n
\u201cSellers and agents both want to achieve the highest sale price possible, and we know that creating competition is the best way to accomplish that,\u201d Mr Ryan said.<\/p>\n
Off-market sales in affordable locations with median prices between $250,000 and $500,000 perform the worst, with prices ending up 3.7% lower.<\/p>\n
\u201cThe evidence shows advertising online draws a bigger audience, increased competition and a larger sale price,\u201d Mr Ryan said.<\/p>\n
Advertising pays off<\/h2>\n
Typically, property owners choose to sell properties off-market to test interest and demand in the property without incurring fees.<\/p>\n
Ray White TNG director Shiv Nair said selling off-market is an important discussion in the current market climate.<\/p>\n
\u201cToday\u2019s strong market conditions with high buyer demand is more of a reason to invest in marketing so you can truly extract the highest possible sale price,\u201d Mr Nair said.<\/p>\n
\u201cWhy sell with minimal buyer competition? If you are a seller whose main focus is maximising the sale price of your home, then my recommendation is to invest in marketing.\u201d<\/p>\n
Mr Nair said advertising could boost the price of the property by as much as $100,000 within a week.<\/p>\n
\u201cI advised my sellers to list on the market because I believed there was a higher price achievable.<\/p>\n
\u201cWith the power of online marketing, we are able to attract the maximum level of interest and attention, therefore creating the highest amount of buyer competition, which will result in a premium price for the seller.\u201d<\/p>\n
\u2014<\/p>\n
Photo by Tierra Mallorca on Unsplash.<\/p>\n<\/p><\/div>\n
Do you need help finding the right loan for your investment?<\/strong><\/p>\n When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.<\/p>\n Just fill in a few details below and we’ll then arrange for a local mortgage broker\u00a0to contact you and work out what features or types of loans are right for your needs. We’ll even help with the paperwork. Plus an\u00a0appointment is free.<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n <\/p>\n
\n Top Suburbs :
\n
\n
\n toowong<\/a>
\n
\n ,
\n
\n hebersham<\/a>
\n
\n ,
\n
\n coburg north<\/a>
\n
\n ,
\n
\n spearwood<\/a>
\n
\n ,
\n
\n tuart hill<\/a>
\n
\n<\/p>\n<\/p><\/div>\n
\n Get help with your investment property<\/h3>\n
\n our privacy policy here<\/a><\/div>\n<\/div>\n