Victoria has been building upon its already unprecedented growth in the property market, with an upward trend of 7.4% across the state over the last 12 months. Melbourne house prices have risen by 6.6% over the year ending March, with units increasing by 2.7 per cent. Horsham, near natural landmark the Grampians, is performing well with an average of 72 days on market. The urban and lively Geelong CBD has reached record high sales of $3.4 million over the year, where real estate commission has stayed relatively low. The alpine resorts in the state’s north east have also been enticing buyers in nearby town, Bright, with 81 properties sold in the last year.
The entire state of Victoria has unregulated real estate agent commission, meaning that areas like the historical gold rush town of Bendigo will likely see higher commission than the Melbourne average, due to lower property prices and fewer competing real estate agents. Similarly, real estate commission in inner-city Melbourne suburbs, like units in the southern metropolitan Eureka Tower, will notice lower fees, accounted for by high property prices and a competitive market.
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