Real Estate Fees in Victoria
The growth in Victoria’s property market over the past year has brought the state to new highs, with a rising trend of 7.4% across the board. The cultural capital – home to icons like the MCG, Federation Square and the Melbourne Cup – Melbourne, house and unit prices have risen by 6.6% and 2.7% respectively, with median house prices at $638,000 and median unit prices at $434,000, over the 12 month period. Historical gold mining town, Bendigo, in the state’s north, is also producing glowing reports, with 148 properties having been sold over the year. These statistics suggest a trend that may reduce real estate agent fees in rural and metropolitan areas of the state alike.
What you need to know about real estate fees in Victoria
In the state of Victoria, real estate agent fees are unregulated, allowing real estate agents to set their own prices, governed by the free market. In the rural holiday destination to the south of the state, Lakes Entrance, real estate fees are typically higher, largely due to lower property prices and fewer competing agents in the area. The opposite tends to be true in larger towns and cities, like cultural hub, Geelong, where higher property prices and a greater number of agents keeps fees lower.
What to consider when finding the right real estate agent to sell your property
- Towns in rural or regional Victoria will tend to attract higher real estate agent fees, such as in the alpine snow fields of Falls Creek.
- Real estate agents will all differ when it comes to rates and services, so it’s important to compare agents for the best idea of what to expect.
- Real estate fees alone are not enough to base a decision on; beautiful inland Echuca on the Murray River would have properties benefit from an agent with experience in the area.
Here’s how the average VIC commission fee compares to the rest of Australia:
|State||Ave. Commission Rate|
Real estate agent commission data sourced from LocalAgentFinder on 3rd December 2018.
Want to find out what real estate agents are charging in Victoria?
It’s easy to compare real estate agents directly with AgentsCompare. The free, online service lets you request free, no obligation quotes from local real estate agents, and compare their fees, services and experience. Register your property to start making informed choices about your property, and get a running start on your real estate goals today.
In the market for an agent?
Get online quotes from local agents. It's free and no obligation.