Tropical paradise, Queensland, is gaining traction in the property market, with house and unit values flying steadily higher, seeing an increase of 4.5% and 2.6% this 12 month period, respectively. Right beside the Great Barrier Reef, Cairns has been slower than expected, as the average days on market have stayed at 164 days in the metropolitan area, just north of the CBD. At the base of Mount Coot-Tha, Queensland’s sea soaked capital, Brisbane, has recorded a median house price of $484 thousand over the past year. Real estate agent commission may decrease in rural areas, like inland town, Longreach, where housing prices have gone up over the 12 month period.
Since December 1st 2014, the laws regarding the regulation of real estate agent commission have changed, allowing real estate agents to charge commission at any percentage. The state government has removed the cap on the maximum commission, and the newly deregulated system allows agents to differentiate themselves in the real estate market on the basis of real estate commission as well as the services offered. Rural and regional areas will likely see a rise in commission as a result.
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