PHOTO: How high-net-worth individuals buy and sell property around the country. Photo: zetter
The average Australian home buyer will spend endless hours inspecting properties, attending multiple auctions, missing out on many before they seal the deal and the details become public on settlement.
But rich listers operate in a different stratosphere that comes with having access to money and resources. They can often escape the public eye, allowing them to stay above the fray of the much-loved but sometimes brutal Australian public sport of home buying.
They become part of an almost secret club where they trade the same homes, almost exclusively, among themselves.
It starts at the initial stages of house hunting all the way to the last stage when they ink a deal that often makes it hard for the public to know what they own, even though ownership of properties is a matter of public record.
They begin with employing the services of a buyers’ agent who takes on the drudgery of shortlisting palatial-sized homes.
“They’ll use a buyer’s agent to heavily vet properties that are both on-market and off-market before they inspect it themselves,” said Ben Collier of The Agency Eastern Suburbs, adding that their personal networks make recommendations too.
Celebrities and high-net-worth individuals have always shown a great degree of discretion when it comes to selling property too, according to Mr Collier – but that is starting to change in today’s tough market.
“We are seeing an evolution in this when once upon a time vendors were less open to a more open or, dare I say, publicised process,” Mr Collier said. “They’re more open to the idea of doing so because they appreciate and understand the low levels of supply.”
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