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.
What you need to know about Real Estate Fees in Melbourne
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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Real estate agent commission data sourced from LocalAgentFinder on 23rd November 2018.
What to consider when finding the right real estate agent to sell your property
- You should never choose an agent based purely off their real estate fee alone, as many tactics can be employed, and many services are offered to best sell your property.
- If you own a unit in the CBD, it may benefit greatly from an agent’s knowledge of the city’s numerous hidden gems, like AC/DC lane or Degraves Street.
- Agents in Melbourne may charge a higher fee for properties in regional or rural Melbourne, while they may conversely charge a lower fee in more metropolitan and inner city areas.
Want to find out what real estate agents are charging in Melbourne?
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