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Private sales 'increasing in Melbourne'

The number of private sales has increased in Melbourne over recent months.

The amount of private property sales taking place in Melbourne is on the rise at present.

Infolio has told Australian Property Investor that off-market sales are increasing as a result of vendors looking to minimise costs in the present economic environment.

Individuals keen on purchasing property will often approach homeowners and agents outside the normal channels, as this helps reduce fees. However, this practice appears to have taken off in recent months as auction sales have diminished.

Buyers advocate at Infolio Cameron Deal told the news provider: "You're not competing with the wider market, therefore you should be able to buy a property for the right price rather than [a price] inflated by auction conditions."

Last month, Business Week reported the number of homes for sale in Melbourne rose by 26 per cent in June in comparison to the same month in 2011.

Furthermore, the publication revealed average property values were down by 6.6 per cent over the course of the year.

Posted by Steve Douglas

- Melbourne, property, sales, economy, prices

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