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.
What you need to know about real estate commission in Sydney
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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Real estate agent commission data sourced from LocalAgentFinder on 23rd November 2018.
What to consider when finding the right real estate agent to sell your property
- Sydney agents may charge a lower commission rate for high value and metropolitan properties, whereas they will charge a higher commission for properties in outer suburbs.
- Metropolitan areas in Sydney, like inner city Waterloo, are highly competitive, which is why an experienced agent can be helpful by responding quickly to potential buyers.
- Real estate commission is not the only thing to take into consideration; extensive knowledge of an area, like the coastal suburb of Mosman, can be hugely beneficial when it comes to promoting possible strengths that might not be popularly known.
Want to find out what real estate agents are charging in Sydney?
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