Desperate foreign buyers will be able to sell their Australian off-the-plan properties online following the launch of selling website Aofun.com.au.

The English and Mandarin Melbourne-based portal, founded by entrepreneur Jason Zhu, facilitates the re-sale of pre-settlement properties.

The website is targeted at overseas investors who have put down deposits for off-the-plan properties but have been "caught out" by the major Australian banks' decision to freeze lending to foreigners, Mr Zhu said.

Chinese buyers can now offload apartments on aofun.com.au Supplied

"In some cases, astute investors will be able to pick up a bargain where the seller may be willing to forgo the full 10 per cent deposit plus more. In particular, there is a real opportunity for first home buyers who may not have sufficient savings for their first home to register on the website and acquire their first home with the deposit paid," he said.

The price offers will not be available publicly – it is not a bidding system – and the seller will negotiate directly with potential buyers.