The tremendous gains in property prices around NSW are well known, with median house prices at $566 thousand across the state, and statistics suggesting they are likely to continue. Property value increases in the state’s capital, Sydney, are without peer in Australia, with annual house prices shooting up by 19% and units going up by 6% over the last 12 month period. These numbers suggest that real estate agent fees may drop slightly in Sydney, as prices go up. Regional inland town, Tamworth, which hosts the renowned Tamworth Country Music Festival, has $725 thousand recorded as the highest price paid within the town over the past year, which indicates a likelihood of higher real estate fees.
The real estate fees in NSW are unregulated by the government, allowing agents in rural and regional areas, like Tibooburra, next to Sturt National Park in the state’s north west, to charge a higher real estate fee. This is due to comparatively low property prices and fewer competing agents in the region. In the wealthier, river-run city of Newcastle on the eastern coast, agent fees are typically lower, thanks to greater competition among agents and higher property prices.
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