The Melbourne real estate market has been gaining substantial ground over the previous 12 months, with house prices shooting up by 5.7% and unit prices increasing by 4.9%. This considerable rise suggests that property management fees will likely fall in response. In the cosmopolitan state capital, and home to the Melbourne Cricket Ground, Melbourne has not by any means been excluded from the unprecedented growth, as median house and unit prices finish the year at $638 thousand and $434 thousand, respectively. In famous surfing spot, Bells Beach, at the start of the Great Ocean Road, there has only been one sale over the year, with the respectable price of $1.1 million.
A typical property management fee may be a first time payment of 1 – 4 weeks rent, followed by a continuous payment of 5 – 10% of the monthly rent, though this will differ depending on the location and property manager. In the more rural and regional areas of Victoria, like the historical gold fields of Ballarat, lower property values and fewer agents in the market tends to mean that a higher property management fee will be incurred. However, in metropolitan cities, such as bay side Geelong, the opposite is true.
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