Property management fees in Victoria
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.
What you need to know about property management fees in Victoria
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.
What to consider when finding the right property manager for your property
- In metropolitan areas, like beach lined Frankston, south of Melbourne, property management fees will be lower than average, owing to more competing agents and higher property values.
- Be cautious of making a decision on a property manager until you’ve seen what services and experience they can offer; their fee isn’t everything.
- The best way to find the average property management fee is by comparing agents, giving you the best idea of market rates.
Want to find out what property managers are charging in Victoria?
To find out what agents are charging in your area, and what you should expect in terms of services, register your property at AgentsCompare to request free, no obligation quotes from local real estate agents. They’ll tell you their property management fees, service and experience for you to compare. Register your property online today to start comparing agents and get the most out of your property.
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