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Like a lot of things, real estate agent commissions, and fees can vary from region to region. If you are looking to move, this is something that you need to be aware of, in order to budget the whole expenditure properly. Here we’ve broken down real estate agent commissions, and real estate fees by region, focusing on the areas of: New South Wales (NSW), Tasmania, and Victoria.
New South Wales (NSW)
Real estate commission fees in NSW averages out to being around 2-2.5% when in the larger urban areas, and then goes up from there as you move into the more rural communities. These areas tend to sit around 2.5-3.5%.
It is important to note, when considering buying or selling in the area of New South Wales, that the commission rates here are not regulated by law. So it is kind of up to you to work out the best deal possible with your agent.
When looking for a real estate agent in Tasmania it is important to find the right one for you, one that you feel both comfortable and confident with, and that you can trust.
The Real Estate Institute of Tasmania has set out guidelines, however they are not the law, and do not have to be followed. These guidelines provide a cost determined by how much the purchased property cost.
For example: if the purchase price does not exceed $10,000 then the guideline suggests 11.4% with a minimum of $100.00. That said, if the cost of the property in question ranges anywhere between $50,001 and $100,000 then the guideline suggests a fee of $3512 in addition to 4.22% of excess over $50,000.
In the Victoria region, similar to the region of New South Wales, there is no official rate that real estate agents have to go by. Due to this flexibility in real estate fees, it is extremely important that you find an agent who will work out a fair deal for you, and with you.
The average commission rates and fees in this area vary by area. For example, in rural areas commission fees tend to be around 2.5%-3%. Average rates tend to decrease the closer you get to the urban areas. In these areas rates (on average) sit at around 1.5-2.5%.
When looking at the rest of Australia, including areas such as South Australia, and Queensland, one thing that should be taken note of is that like the areas already looked at, there are no laws determining what real estate fees have to be, this means that it is up to the agent (or in some cases the company that the agent works for) to make this decision, this can be daunting, but remember, this also leaves the door open for negotiations.
Looking at average rates, it becomes apparent that for the most part, as you move closer to the bigger cities and more urban areas commission and real estate general decrease. The average fee when looking at city living in South Australia for example is 2-2.75% ; Whereas living further out in the same region will cost you anywhere from 2.75 – 3%.
There are plenty of websites and resources out there if you are looking for more information regarding these fees, and any guidelines that local Real Estate Institutes have set up. Some of these include: Real Estate Fees, Australian Property Costs and Real Estate.com
Hopefully this has provided some insight into what the real estate commission and fees are throughout Australia. Remember, that it is important to find an agent that is right for you, that you feel comfortable with, and that you trust.