The property market in Melbourne is coming off the back of some amazing growth over the course of the year, with median house price now at $638,000, and median unit prices at $434,000.
South east of Victoria‘s capital city, the metropolitan suburb, Toorak, known for the shopping destination of Chapel Street, has shown a strong performance, with $23 million as the highest price paid for a property in the last 12 months. North west of the city, the rural, creek-lined suburb of Sunbury has seen a slight fall in unit prices, indicating a possibility for higher property management fees in the area.
A property manager will normally take 1 – 4 weeks rent as an initial fee when managing your property, from then on, they may charge 5 – 10 % of the monthly rent, but this is dependent on several factors. Property managers generally take a smaller fee from their managed property in metropolitan Melbourne where house prices are higher, like in the northern suburb of Carlton, where the bubbling nightlife of Lygon Street boosts property prices. In rural suburbs, like serene Warrandyte in the north, there will be higher property management fees, because of their lower property values.
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