Selling by expression of interest

So homes being brought to market as expression of interests are relatively rare on the southern end of the Gold Coast, currently about 5% of the market down here. So these are written offers that need to be submitted by a deadline with no published price being disclosed for the property. So, for example, expressions of interest closing 8th of September at 12pm. Seen most often in houses, around 67% in houses and at the top end of houses, so often with a median price of around $2.5 million. So from a buyer point of view, it's an auction style competitive pressure with a deadline, but private and often conditional. You can still put in terms finance, building and pest in your offer, But it's quite challenging method for buyers because you're guessing at a price without a price guide or without an auction to see where other bidders are at. From a seller's point of view, you're creating urgency and a competitive close date without the public failure risk of the past in auction. So it's good for unusual or premium homes where privacy matters. I just Agents will pick it because of the similar reasons for premium hard to value properties with comparables being hard to find. Or if they've got a vendor who wants competition but not a public auction. Or if they want to use it as a way to flush out serious buyers within a given date.