South Sydney Fees on Low End of Scale
In our last post, we talked about the Newcastle property market, and the agent fees and commissions you can expect to pay when you sell a property there, despite the relatively high property values. Like Newcastle, Sydney’s south has experienced unprecedented growth in property values over the last few years, yet agent fees and commissions remain some of the lowest in the city, and indeed the state.
The Brighton-Le-Sands Property Market
Just as is the case in Melbourne, agent fees and commissions tend to be lower in Sydney than in other regional areas, due to the high demand for property, the shortage of stock, the high property values, and the level of agent competition in the area. In Brighton-Le-Sands, for example, an area of South Sydney, where McGrath agent, Bill Tsounias, specialises, auction clearance rates are at 61.5 percent, which is lower than the state average of 74 percent, but house prices there have also grown 21 percent in the last twelve months, making it one of Sydney’s property ‘hot spots’, according to Australian Property Monitors (APM).
In Brighton-Le-Sands, where houses spend an average of just 35 days on the market, the median house price has reached $1.05 million, compared with $848,000 in 2010. There’s also an average of 698 people visiting a single property in Brighton-Le-Sands, which is higher than the state average of 623, but still significantly lower than that of an inner ring suburb of Sydney, such as Cammeray on the lower north shore where an average of 2266 people visit a single property.
Agent Fees and Commissions in Brighton-Le-Sands
In Brighton-Le-Sands and other south Sydney suburbs, such as St George and Penshurst, agent fees and commissions are the lowest in the state, dropping as low as 1.75 percent. This is largely due to the high concentration of agents in the area, the comparatively high property values, and the short time most properties spend on the market here. That said, areas a little further south west, such as Punchbowl and Roselands, tend to attract agent fees much higher, of between 2.75 and 3 percent.
It’s important to remember, though, that agent fees and commissions in New South Wales not regulated. So while agents are free to set whatever commission they want, you’re also entitled to negotiate the best commission with them. Although we’d caution you to select the agent based simply on his commissions rate, we do still encourage you to see whether they’re willing to negotiate or accept a different way of calculating their commission.
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