Real Estate Agent Fees in Victoria
As the property boom continues to progress in Australia, we can see the upwards trend reflected in the state of Victoria, where major growths in the property market were seen this past financial year. Foreign investment has been a large stimulating factor, coupled with record low interest rates in all states and territories.
In March this year, the the average house price sat at $706,300 in Victoria T (Source: ABS 2017), but this figure doesn’t reflect the strong performance that has been recorded in metro Melbourne. The median house value sat at $880,000 in June 2017 and is expected to grow 5% by 2020. (Source: BIS Oxford Economics)
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 research reveals that in Victoria, the types of properties that have been creating buyer interest are those with good development potential, while buying period style homes and properties with high land value also rank on the list of buyer’s top priorities.
What do real estate agents charge in Victoria?
It can be revealed that Victoria some one of the lowest real estate agent fees in Australia, with the overall average commission sitting at 2.05%. This low fee is a reflection of the high level of competition amongst real estate agents who practice in a state with a flourishing property market, a record number of recorded house sales and an increase in the average median sale price. Melbourne’s average commission sits much lower at 2%.
While the low real estate agents fees are good news for Victorians, it is worth remembering that the average real estate agent fee is usually lower in city areas, but slightly higher in regional areas. The difference between rural and city real estate agent fees is due to a number of factors, but namely supply and demand; in rural areas fewer sales are processed, so agents need to charge a higher commission compared to city agents who generally handle a much higher volume of property sales.
What to consider when finding the right agent to sell your home
Although real estate agent fees are generally lower in Victoria, agents set their fees based on a number of criteria, so selecting an agent on price alone is not a great idea.
An agent based in rural Victoria is likely to charge a higher fee compared to a Melbourne-based agent.
It is important that you don’t select a real estate agent based on the commission alone; comparing agents against a list of criteria that suits your needs is the best way to get a good indication of which real estate agent is most suited to selling your property.
Interested in finding out more about your local real estate agent fees?
Discover what agents are charging in your area by comparing a range of fee information from local agents. If you’re thinking about selling your property, you can compare real estate agents at LocalAgentFinder, including performance data, homeowner reviews, agency information, fees, commissions and more. Find out more about real estate agent fees and commissions across Australia.
- Real Estate Agent Fees & Commission NSW
- Real Estate Agent Fees & Commission QLD
- Real Estate Agent Fees & Commission ACT
- Real Estate Agent Fees & Commission NT
- Real Estate Agent Fees & Commission WA
- Real Estate Agent Fees & Commission SA
- Real Estate Agent Fees & Commission TAS
To determine the average commission by state, LocalAgentFinder took the average commission of all active agents in each state respectively on 5 June 2017. This included agents with tiered and fixed commission structures based on a $500,000 selling price. The same method was applied to calculate the average commission in capital cities.
This article was updated on 28th July 2017.