Real Estate Commission in New South Wales
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.
What you need to know about real estate commission in NSW
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.
Here’s how the average NSW commission rate compares to the rest of Australia:
|State||Ave. Commission Rate|
Real estate agent commission data sourced from LocalAgentFinder on 3rd December 2018.
What to consider when finding the right real estate agent to sell your property
- Metropolitan areas in Sydney, and around the CBD, put agents in a competitive market, which is why an experienced agent can be invaluable by responding quickly to potential buyers.
- With so many smaller towns in NSW, it’s even more important to compare agents to find the average real estate commission, and to identify appropriate marketing strategies to get your property into the market.
Want to find out what real estate agents are charging in NSW?
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