Sydney property prices are undergoing an unparalleled period of growth, and with attractions like the Sydney Harbour Bridge and Bondi Beach, it comes as no surprise. This growth is affecting many different areas in metropolitan Sydney, like the regional north western suburb of Schofields, where the highest house price paid in the last 12 months was $5.9 million. The home of the SCG, Centennial Park, has also seen growth, with the median house price rising to $4.25 million. These higher property prices will potentially follow a historical trend, where real estate fees are lowered as agents find it easier to earn from a sale.
Real estate fees are not regulated in NSW, allowing agents to set any fee, but it is usually dictated by the market. The metropolitan area of Randwick, with the Royal Randwick Racecourse, will tend to see lower real estate agent fees, due to higher property prices and a higher density of real estate agents. Similarly, with generally lower property prices and fewer agents to choose from, south-western Condell Park, next to Bankstown Airport, will tend to have higher real estate fees, as agents try to earn a greater percentage of a smaller sum.
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