Property management fees in New South Wales
Following the trends set by the previous years, New South Wales has continued to record stellar growth in the property market, with average auction clearance rates at 71.3% for houses and 78.2% for units throughout the state over the last 12 months. With attractions like Bondi Beach and the Sydney Opera House, it might come as no surprise that Sydney’s property prices have once again jumped up, this time by 16% for houses and 9% for units. The iconic, inland southern town of Wagga Wagga, on the banks of the Murrumbidgee River, too has performed well, with 222 properties being sold over the past year.
What you need to know about property management fees in NSW
In NSW, a property manager is likely to charge a fee of 1 – 4 weeks rent initially, with a recurring fee of 5 – 10% of the monthly rent. This is normally on the lower side of those figures in metropolitan and high value areas, such as coastal Wollongong, south of Sydney, due to greater competition amongst agents and higher property values. In rural and regional NSW, however, the opposite is true, where fewer agents and lower value properties may cause a property manager to raise their fee.
What to consider when finding the right property manager for your property
• In the free spirited town of Nimbin, it may be advantageous to hire a property manager with experience in the town, as knowledge of potential tenants is important, so it is not recommended to consider an agent based solely on their fee.
• In rural NSW, a property manager is likely to charge a greater fee, so don’t expect the same fee schedule as those in metropolitan Sydney.
• You should try to find the average fee between agents, so compare them directly to set your expectations.
Want to find out what property managers are charging in NSW?
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