More than one-in-five homes were sold off-market in Sydney in 2024, according to an analysis by a website aiming to create more of these transactions.
The Quiet List analysed 30,000 real estate transactions across 10 local government areas in Sydney in 2024 and found 20.5 per cent were sold off-market.
“We’re not saying it’s a trend,” Quiet List CEO William Laing told AAP on Monday.
He explained properties had always sold off-market and his company’s analysis merely confirmed anecdotal figures from within the real estate industry.
“We’re just saying this is a really interesting figure and justifies why we think our business is necessary today,” he said.
Launched in April, The Quiet List worked to match sellers and buyers in off-market transactions, Mr Laing said.
The app allows buyers to specify what they are looking for – say, a Bondi Beach two-bedroom with parking for under $1.5 million – and receive matches based on those preferences, he explained.
“So similar to a dating app, right?”
Mr Laing said buyers using agents, which is common in the US, was a new trend that had cemented itself in Australia over the past decade.
“Would-be home buyers are showing that they are very happy to pay to have an experienced professional help them in acquiring their next home,” he said.
Mr Laing said there were myriad reasons why someone would sell-off market and it was not done to just save money on listing fees.
“Prestige markets, I would say, have had the longest tradition with vendors valuing privacy, buyers valuing opportunity,” he said.
But it was clear from the data that off-market sales were no longer at just the high end of the market, Mr Laing said.
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