Melbourne’s property market is on the up and up, with unprecedented growth throughout the state capital. Fitzroy, in Melbourne’s inner north, is one of the best commercial suburbs in the city, home to Smith Street and Brunswick Street, and people are flocking to it, as median house prices shoot up by 31%. The quiet, suburban neighbourhood of Mont Albert, in Melbourne’s east is also booming, with a record house price of $4.3 million during this 12 month period. The high property prices and healthy competition between real estate agents is likely to cause a drop in real estate fees, as historical trends suggest.
There are no regulations imposed by the government on real estate agent fees across Victoria, meaning that rural and regional areas, like park laden Sunbury to the north west, will be more inclined to have higher real estate fees, due to lower property prices and less competition between agents. More metropolitan areas, such as tourist hot-spot St. Kilda Beach, will typically have lower real estate fees, where more agents and higher property prices drive the fee down.
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