QUEENSLAND homeowners are losing $36,000 by selling off-market, new data reveals.
The PropTrack Off-Market Sales Performance Report, released today, reveals homeowners choosing to sell off-market achieved lower selling prices in a slowing property market.
Sellers in Queensland and New South Wales took the biggest hit in the country, with houses sold off-market taking a four per cent hit on average.
Brisbane homeowners lost $36,000 (4.9 per cent) on average by selling off-market while homeowners in regional Queensland copped a $13,000 (2.4 per cent) loss.
PropTrack Senior Economist Paul Ryan said deciding to sell off-market could come at a significant cost to sellers.
“While some sellers might try to save money by not advertising online, this analysis shows the potential earnings lost in the final sale price far outweighs the initial cost of advertising — particularly in a market with prices falling,” he said.
“These results are based on sales from July 2021 to March 2022, when home price growth slowed rapidly, and reflect the losses for selling off-market in current slowing market conditions, a key consideration for sellers as home prices decline further over the next year.”
The report revealed off-market sales in locations with median prices between $500,000 and $750,000 performed the worst nationally — they achieved 4.2 per cent lower sale prices.
The PropTrack Off-Market Sales Performance Report defines ‘off-market’ as all sales not matched to listings on realestate.com.au.
The report identified off-market transactions by matching the census of sales from State and Territory Valuer General offices to those listed on realestate.com.au using the address of each sold property.