The NSW capital is going through a tremendous growth period, with annual average house prices increasing by 16% and units up by 9% over the last year.
The site of Olympic Park, Homebush, is experiencing growth in median house prices of a massive 40%, which is likely to reduce real estate commission, while beach-side suburb, Bondi, has hit record prices of $3.47 million. This unparalleled market strength is a sure sign that Sydney and its Opera House is an excellent place to invest, and the market is very much skewed in vendor favour.
Real estate commission is unregulated in NSW, meaning that there are trends dictated by the free market. In the affluent suburb of Double Bay, there is likely to be lower commission, accounted for by high property prices, averaging about $2.7 million, and strong competition between real estate agents. But, in western suburbs like Punchbowl, the real estate commission tends to be higher, thanks to fewer competing agents and lower property prices, causing agents to adjust their commission rates to ensure a more adequate sales return.
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