‘Secret’ property deals surge as residential market slows

Property buyers are increasingly being offered “exclusive” off-market deals as sellers attempt to cash in on record prices amid concerns the residential market isSome sellers are considering off-market deals because there is not enough time to launch a full marketing campaign in the countdown to the mid-April Easter holidays, they say.

Michael Pallier, managing director of Sydney’s Sotheby’s International Realty, who negotiated a $95 million off-market deal for a Point Piper property, says he prefers to advertise a sale.Pallier, who says only about 5 per cent of his deals are off-market, adds: “My duty is to make sure the seller gets the best price. Advertising widens the net for potential buyers.”

Buyer’s agents claim cashed-up top-end buyers are increasingly prepared to pay up to 10 per cent more for a house that meets their specifications.Patrick Bright, a buyer's agent based in Sydney, says many agents specialise in particular postcodes and learn to identify potential buyers and sellers in their area.

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