The meteoric rise in property value within NSW is showing no signs of slowing down, where median house prices are at $566,000 across the state. In the state capital, Sydney, there are unparalleled gains, with annual house prices rocketing up another 19% and units up by 6%. The iconic surf town of Byron Bay has continued its rise above the median house prices, with the highest price paid coming in at $6.3 million, and real estate commission being kept relatively low. Also, to Sydney’s west, by the Murrumbidgee River, inland Wagga Wagga has had well over 200 properties sold over the last 12 months.
There are currently no regulations on the real estate agent commission set by agents, so trends are guided by free market factors. Lower real estate commission is to be expected on the pristine Newcastle foreshore, where agents are in greater numbers, and property values are higher. Conversely, Parkes, home of the satellite known as The Dish, inland to the west of Sydney, is statistically shown to pay higher real estate commission, as real estate agents are less prevalent and property prices are lower, compared to the rest of the state.
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