The last year has seen a strengthening in the Melbourne property market, following moderating activity this time last year. With this unprecedented growth, the market is looking great, with demand clearly skewed in vendor favour.
There has been a significant rise in median house prices for the South-Eastern suburbs, with beachfront suburb, Middle Park, reaching $2.35 million. Prahran – home of the lively shopping district, Chapel Street – is also soaring, with auction clearance rates reaching 86%. Real estate commission in the metropolitan area has stayed low as well, compared to more regional Victorian cities.
There are no regulations applied to real estate agent commission in Melbourne, which means that properties in metropolitan areas, like Carlton in Melbourne’s north, will have lower real estate commission compared to most suburbs, due to the high number of competing agents. House prices also tend to affect real estate commission in areas further from the CBD, such as in Sunshine to the west, where agents often compensate for the lower property values by employing higher commission fees.
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