Sydney’s property market has seen soaring house prices and unprecedented growth over the last financial year. Pushed ahead by low interest rates, a competitive seller’s market and foreign investment, Sydney is the pinnacle of Australia’s current housing boom.
The harbour city boasts some of the highest property prices in Australia, with the average house median sale price sitting at a massive $914,056. House prices in Sydney have risen by an incredible 16%, marking it as the capital city that has achieved the most growth over the last year.
Despite the rising prices, Sydney remains a seller’s market. LocalAgentFinder data reports that 81% of agents say auctions are now the preferred method of sale. This data isn’t surprising given that so far this year we have repeatedly seen record-breaking auction clearance rates, frequently hitting above 80%, proving that the Sydney market is big and booming.
(If you want to compare fees and other information between real estate agents in your local area, you can click here to use our agent comparison service. Compare information on fees, marketing strategy, commission, experience and more – LocalAgentFinder is 100% free.)
While the most sought after properties in Sydney are proving to be those with development potential, properties with lifestyle factors are important too, with buyers also showing a keen interest in both houses and apartments close to amenities such as schools and supermarkets.
What do real estate agents charge in Sydney?
Real estate agent commission fees in Sydney city are some of the lowest across Australia’s capital cities. While the average real estate agent selling fees in Sydney vary, they generally sit between 1.75% to 2.25%, depending on location. Compared to the overall New South Wales average, Sydney agents tend to charge lower commission rates.
Surprisingly, Sydney’s inner city has an average real estate agent fee of 2.25% to 2.5%, which is slightly higher when compared to other suburbs in Sydney metro. It is a common trend for real estate agent fees to increase in areas further from the city centre, but it is unusual to see higher average fees in densely populated areas like Sydney CBD.
The lowest real estate agent fees in New South Wales are located in Southern Sydney in the St George area, including suburbs like Brighton Le Sands and Penshurst; here the average real estate agent fee has dropped lower than 1.75%. Competition to enter the property market is fierce in Sydney, and high market activity can somewhat account for the low agent fees in these areas. However, it is worth mentioning that some neighbouring suburbs such as Punchbowl and Roselands are attracting higher real estate averages of around 2.75% to 3%.
Real estate agent fees are deregulated in New South Wales, which means that the average commission rate charged by agents varies as they set their own rates. For this reason, despite average real estate fees, agents will charge commission depending on the types of services they provide, for example whether or not the commission fee includes marketing costs. This is something worth discussing with your agent before signing a contract.
Find out more about real estate agent fees and commissions across Australia.
What to consider when researching real estate agent fees in your area
- Real estate agents charge different fees based on a number of factors, and certain areas across Sydney will generally exhibit lower real estate agent fees. To get a better idea of what agent fees are the norm in your area, compare several local agents.
- It’s important to choose an agent that has a good knowledge of your local area including its features and amenities; whether you live in Penshurst or Darling Harbour, the right agent will know how to market the strengths of your property.
- Sydney is a property hotspot, but when it comes to selling your property it’s important that you take your time when finding the right agent for you. Have a list of criteria and questions at hand and use that as a basis for comparing agents.
Are you curious about what real estate agents are charging in your neighbourhood? It’s now possible to easily compare a wide range of agents in your area to find the one who is right to sell your home. LocalAgentFinder is an impartial, online comparison service that compares local agents, notifying you of commission fees, experience and other criteria that are important to you. Take the first step to selling your home now.
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