The property market in the Australian Capital Territory has experienced ups and downs over the last year, but the future is looking promising. Despite fluctuation in the economy the median sale price for houses in capital city, Canberra, increased by 4.8% and sits on $598,970.
The market in this territory has always been slow, but low interest rates have kept the market steady and prospects of further interest rate cuts could see buyers become more confident yet about entering the market.
What do real estate agents charge in ACT?
The average real estate agent fee varies across the ACT, but it can be revealed that the average usually sits within a range of 2% to 2.5%. The commission rate is lower in areas closer to Canberra city compared to regional areas of ACT like Queanbeyan.
Real estate agent fees in ACT are deregulated which means real estate agents can set their own commission rates, but these fees are usually guided by ‘supply and demand’ of the free market. Agents in rural areas of ACT usually charge a higher fee than agents in metro Canberra, simply because there is less market activity and less competition when selling a home. As prices tend to increase closer to city areas, agents also charge a lesser commission on properties with these high price tags.
What to consider when finding the right agent to sell your home
- Real estate agent fees don’t fluctuate greatly in ACT, so it is important to compare agents on other factors like experience and expertise in selling your property type when selling your home.
- Ask an agent what services are included in the commission rate, as some agents don’t include marketing fees and may charge extra.
Want to find out what real estate agents are charging in your area?
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