VIC alternate ways to find PPOR?

Hi all,

I'm currently looking for a PPOR in Melbourne's northern inner burbs, villa/townhouse with garage, 2 BD for myself and partner, no kids. Aiming for the 600-650K mark. Don't mind something I can put a bit of work into for future value add. Yep, seemingly the most competitive end of the market…

I missed out on a great place in Brunswick West earlier the year as I was still researching and watched another one recently in Brunswick East go for 650K which in hind sight I would have probably got for 660k (1 of only 3, $950 body corp fees, no work to be done)
I can definitely see the shift in the buyers favour with places even around this level dropping slightly in price or being in the market for longer. One in Alphington was passed in, then sold privately a month or so later at 35K less than the initial list price.

My question is, where are some other more creative places to look for property other than the obvious realesate.com, domain etc. I have checked Property Whispers but found nothing close to what I'm looking for.

I've rent North Fitzroy for 10yrs and watched the place next door sell twice off market. I haven't had a chance to speak with the new owners yet on how they found out about it.

Thanks

 

You could contact some real estate agents directly in the areas that you’re interested in buying, tell them what you want and let them know that you’re ready to purchase. This could be a way of getting an off-market deal in a cooling market.

 

Generally, you have to know the selling agents very well and keep in touch with them constantly or hire yourself a Buyers Agent who gets emailed lists of off-market properties from selling agents on a daily/weekly basis.

 

I spoke with A buyer agent yesterday, (I know, as a first home buyer, it is rather the exception to think about the BA), anyway, she seems to know the market well, but to be honest, I was not convinced about this off-market thing, if someone want to sell, he wants the maximum people to know right ?

 

If I was selling, yes, I would want to maximum number of people exposed to my property. However, there are some sellers who want to sell off-market quietly and these can represent good buys in some cases (and in some other cases they are overpriced rubbish).
Reasons someone may want to sell off-market:
1. Do not want to prepare the property for an Open house every week-end
2. Worried about security (or more lack of security) at Opens
3. Don't want the neighbours to know they are selling (lost job, health issues etc)
4. Lazy selling agents who can just call a list of buyers who they think might be interested without the need for writing an advert for re.com or putting up a sign or getting brochures printed
5. Needing a quick sale and can accept a lower price as a trade-off
etc.

 

It's surprisingly common and can lead to some good buys..

I settled on one only three weeks ago in QLD and it was off market opportunity. Got it 20k cheap at-least..

Cheers,

 

If you've got a preferred area, take a look at previous sold prices, and if you find something you like that has been owned for 10+ years try leaving a note in their mailbox about your interest. Ask if they would consider settlement of their choosing and off market. Your silly sitter will write up a contract.

3 out of 5 of mine were bought this way, and I estimate 50k under market on 600k property. It's most definitely worth a try and one of the best advice given to me.

 

I know you want action however why not focus on a suburb and deeply monitor for the next 3/6 months? You can get confident in pricing the house and also will be able to see the direction the market takes.

 

Apologies for the late reply, and thanks for all the suggestions.
I've since started talking to the agents in more detail, asking more questions about property not yet listed, and already I've found some agents are either less experienced and only talk up forthcoming auctions but a few others brought up the 'off market' possibilities and are keeping me in the loop with anything that fits my needs.
I've been shown one potential so far and I actually did a comprehensive search online and couldn't find it listed anywhere so I feel like it was a legit opportunity. Unfortunately not quite right, but at least I feel I'm on the right track.

 

I did this process for my PPOR for 2 years in Melbourne and was nothing but a waste of time for me personally, spoke with multiple agents constantly, letter drop offs ect.... in the end I battled it out at a auction to secure our home.

 

hmm.. note taken. It doesn't surprise me hearing this from a buyer in Melbourne. I guess it's still a case 'right place at the right time', or maybe just who wants it more..$$. Either way, just curious to hear what methods have been successful other buyers in a similar position, other than slogging it out at auction.
Thanks for the feedback