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.
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.
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