You can use a 'cost of selling a house in Victoria' calculator to help you budget accordingly. Typically, real estate commission is 5%–6% of the home’s sale price. In most areas, the buyer’s agent receives 2.5%–3% in commission and the seller’s agent receives 2.5%-3% in commission. You may be considering taking the “for sale by owner” path and not using a real estate agent to sell your property. For real estate agents in QLD, NSW, VIC, TAS, SA, WA, NT, ACT there are no regulatory fee and commission guidelines it’s 100% negotiable. Learn more: Conveyancing Costs – 2019 Fees By State. A real estate agent can often get you a better deal for these costs, such as buying adverting buy bulk. Based on our data, the average real estate agent commission rate in Victoria is 2.1%. Don’t be afraid to ask upfront whether an agent will consider reducing their commission if a competing agent is offering a lower rate. For example, a standard listing on realestate.com.au is around $400, while you could pay as much as $8,000 for a Premier listing in a high-value suburb such as Toorak. – Tips & Tricks To Save. © 2021 Which Real Estate Agent All rights reserved, Cost Of Selling Property [2021 Calculator] – House Selling Fees Guide, Future Home Value – Capital Growth Calculator. In Melbourne, marketing fees can vary from around $500 to over $2000 for a 45-day campaign, depending on how much advertising you opt for. The majority of homes are sold with the help of a real estate agent or broker, with For Sale By Owner transactions taking up an estimated 7-11% of the market. In regional areas of Victoria such as Geelong and Ballarat, marketing prices tend to be cheaper at around $300 to $1000. It some cases, you will have to pay out extra for: When reviewing an offer to work with an agent, check what’s included in their standard fees, and look for an agent that’s transparent about how much it’ll cost to sell your house if you choose to work with them. Often a combination of online and traditional advertising is a good approach. But there are a lot of financial ups and downs in real estate, especially when you’re first starting out. Just request a shortlist of top agents through our form. Even though you can end up a paying the agent a higher amount than with a fixed rate, you may end up better off overall if you get a higher price than what you would have otherwise. – Pros & Cons, Should I Sell My House Privately? View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. A good agent should be able to put together a custom marketing strategy that suits your house and target market, and gives you the best chance of getting a great price for your home. Many vendors find this option to be the most cost-effective and hassle-free option in the long run. Commission rates vary from around 1.6% to 2.5% in Melbourne, and from about 2.5% to 3.5% in … Some agents may include things like marketing and photography in their commission fee, though many don’t. We know the Greater Victoria and Vancouver Island housing market and we will work hard for you An ad in one of these papers can range from about $550 to $7,500 depending on the size and location of the ad. Some local newspapers you may consider, depending on your location, include the Ballarat News, the Bendigo Advertiser, and The Weekly Review City. At Upside, we never charge commission fees (but more on that later!). GST is payable on commissions and the current GST rate is 5%. If you really want to cut down on costs, you can choose to manage the entire listing and sales process yourself without employing an agent’s services. Whether you’re Victoria or anywhere else, there are some unavoidable selling costs you’ll need to pay to get your property in front of prospective buyers. Real estate agent fees in Melbourne and Victoria are charged as commission rates. Speak to your lender for more information about this. There are two reasons for this: more completion from more agents, and more houses on the market. The Real Estate Institute of Victoria (REIV) can provide details of its members who have property management skills. Whilst real estate agent commission, fees or cost in VIC is important to you, believe it or not, it’s not your biggest concern anymore. The newspapers that will get you the most exposure are The Age and The Herald Sun. You’ll also probably have more luck negotiating on higher value properties as they agent will still get a good commission even with a lower rate. Find the best real estate agent for you, with our 100% free, no obligation service. However, there are some steps you can take to help keep selling costs low and maximise how much of your property’s sale price goes in your pocket: On the other hand, there are less agents competing with each other in regional areas, and less houses on the market so agents need to charge more per house to maintain a good income. You should also be careful of agents whose rates seem too low – and make sure you are fully aware of what is included in an agent’s fees. To see what commissions you can expect to pay, let’s take a look at some real world examples in Victoria, and what difference a few percentage points makes. On the other hand, average real estate commissions in Victoria are relatively low at 2.05% while marketing/listing fees are comparably high at between $500 and $2000. Agent’s Representative Course in Real Estate. Nothing personal, but many real estate agents will want to sell your property as quickly as possible and pocket the commission. If you are considering an auction, we simply pass on the auctioneer cost ($400-700 depending on location and auctioneer) which is payable at settlement. Average agent commission ranges from 1.6% to 2.5% in Melbourne, and from 2.5% to 3.5% in regional Victoria. We charge a flat fee of $8,900 for private treaty, which includes all the essentials you need to sell your home. Keep in mind, area is not the only factor that determines commission. What are the different real estate agent fee structures? Want an easy way to work out how much you’ll need to pay? Yes, you absolutely can negotiate with agents in Melbourne/Victoria on their fees and rates and it’s something we highly encourage to get the best deal. How To Get The Most Accurate Property Value Estimate, Adding Value to Your Home – Top 5 Tips [Updated For 2021], Australia’s #1 Free Property Report – Value Estimate, Sales, Market Trends, Corelogic Property & Market Report ($50 Value), Average agent fees & advertising costs in your suburb, Agent Finder:  top local agents, sales & performance data, Average real estate agent commission rates in Victoria. It’s a good idea to talk to potential agents about their ideas for marketing your house. If you’re thinking about selling your property, see why Upside has some of the most highly rated real estate agents in Victoria. What are the costs of selling a house in Victoria? A good photographer will show your house in the best light, using the most flattering angles and emphasising its best features. 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