Adelaide has managed impressive growth in the still strengthening property market, with auction clearance rates soaring to 81% this year. There have been massive gains in the coastal suburb of West Lakes, in the western metropolitan area, where median housing prices have reached $675 thousand. The CBD around Rundle Mall and the Adelaide Casino has also proven to be highly desirable, where properties are averaging only 74 days on market. Trends suggest that these high turnover rates would serve to reduce the real estate agent commission, as agents try to secure sales.
There are no government regulations in place in Adelaide or the rest of South Australia, concerning real estate commission, allowing agents to adjust their rates according to supply and demand. The metropolitan suburb of College Park, home to the esteemed University of Adelaide and Adelaide Botanic Garden, will typically have vendors paying lower real estate agent commission, thanks to higher property values and increased competition compared to more rural areas. Similarly, bay side St. Kilda, just north of Port Adelaide, may see real estate commission prices driven up, due to a lack of real estate competitors.
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