A rise in off-market property sales often goes hand-in-hand with a buoyant market. And the Byron Bay real estate market is certainly booming in 2020.
Making a move to our beautiful town has been on the increase over recent years. The growing shift towards remote working has been a significant driver. But the events of this year have led to a substantial lift in enquiries, particularly from people living in Sydney and Melbourne. That’s because, for many, the new long-term arrangement to work from home means their dream of relocating to Byron Bay can finally become a reality.
On top of that, high-profile celebrities continue to spend their downtime in Byron Bay. They’re busy buying up luxury homes all over the area, which keeps our town in the international spotlight. Moreover, since the recent sale of iconic local businesses such as The Farm, The Bower and the Beach Hotel, media attention has skyrocketed.
This increased focus in Byron Bay means that demand has shifted prices upwards, leading to a rise in off-market sales.
Following the off-market route has a range of benefits for both buyers and sellers.
For sellers, it’s a means to test the waters without having to commit to a fully-fledged marketing campaign. This can be a real bonus for people who don’t want their intention to sell to be public knowledge. It means avoiding the need for open homes and a high-impact advertising campaign.
Selling off-market can also be helpful to business owners. That’s because a low profile or “secret” sale reduces the chances of losing income or clients, while they find the right buyer.
For buyers, the benefits of seeking out off-market properties are many. This approach enables a buyer to view and make an offer on a property before anyone else knows it’s even on the market. And that’s why off-market properties are prevalent in a tight market.
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