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.
What you need to know about Real estate commission in Melbourne
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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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
- Melbourne agents may charge a lower commission rate for high value and metropolitan properties, whereas they will charge a higher fee for properties in outer suburbs.
- Commission rate is not the only criteria on which to judge a real estate agent; metropolitan areas may benefit from an agent who employs a marketing strategy to help them stand out from the crowd.
- More rural properties may require an agent that is able to advertise your property to a greater audience outside of the local community.
Want to find out what real estate agents are charging in Melbourne?
To get a good idea of what to expect in your area, it’s worth comparing local agents fees, service and experience to see what agents are charging. AgentsCompare is a 100% free online service, with no obligations, allowing you to request free, no obligation online quotes from real estate agents in your area, and comprehensively compare agents to find the best fit for your property. Register for free quotes online today to gain the advantage in the market.
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