Estate Agent Fees
May 31st 2007, 10:27 am
#1
Thinking of returning
Thread Starter
Joined: Jan 2004
Location: Hull, Yorkshire
Posts: 38
Estate Agent Fees
Hi All
I am just wondering what the charges are in Aus/Queensland for selling a house ie estate agent fees. We got 1% plus VAT here in UK. If anyone can shed some light on any other costs involved ie solicitors / inspections / surveys etc
Cheers
Matty D
I am just wondering what the charges are in Aus/Queensland for selling a house ie estate agent fees. We got 1% plus VAT here in UK. If anyone can shed some light on any other costs involved ie solicitors / inspections / surveys etc
Cheers
Matty D
May 31st 2007, 11:24 am
#2
Forum Regular
Joined: Aug 2006
Location: Brisbane
Posts: 145
Re: Estate Agent Fees
We were quoted $12,500 - seems bloody expensive. plus more for advertising. And houses near me are selling like hot cakes. 
We are thinking of returning home to Thorngumbald
!
We are thinking of returning home to Thorngumbald
!
May 31st 2007, 11:35 am
#3
Forum Regular
Joined: Feb 2006
Location: albany creek, brisbane
Posts: 239
Re: Estate Agent Fees
Rach
May 31st 2007, 1:37 pm
#4
BE Enthusiast
Joined: May 2007
Location: Peregian Springs, Sunshine Coast
Posts: 579
Re: Estate Agent Fees
Who pays the fees - the seller or the buyer?
Is it a flat rate, or a % of the sale price?
Is it a flat rate, or a % of the sale price?
Jun 1st 2007, 12:02 am
#5
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Joined: Mar 2006
Location: Pelican Waters
Posts: 374
Re: Estate Agent Fees
Here in QLD the Seller pays for advertising bloody expensive and you pay a commission to the Agent. There is a maximum amount of commission that can be charged by the agent. You do have the right to negotiate a lower commission rate but very few will. There is a company that has started here that charges 1% commission but I believe they also charge the buyer as well.
Normally commission is set at 5% for the first $18,000 + 2.5% on the balance of purchase price. So sell a house for $550000 you will pay around $15000 commission and that does not include advertising.
The Australians are very slow on the up take of private sales a lot of them believe that you need an agent to do the contract.
Normally commission is set at 5% for the first $18,000 + 2.5% on the balance of purchase price. So sell a house for $550000 you will pay around $15000 commission and that does not include advertising.
The Australians are very slow on the up take of private sales a lot of them believe that you need an agent to do the contract.
Jun 1st 2007, 4:45 am
#6
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Joined: Oct 2005
Location: Beautiful Mindarie WA
Posts: 320
Re: Estate Agent Fees
We are trying to sell a house at the moment (in WA) and they are charging us 2.5%, they did say 3% at first but managed to get them down a bit.
Jun 1st 2007, 5:02 am
#7
BE Enthusiast
Joined: Apr 2005
Location: Whitehaven, Cumbria to Tapping, Perth
Posts: 650
Re: Estate Agent Fees
Ours agent was charging $18,000 but we've just changed agents and we'll have to pay $15,500 if the damn house ever sells
(WA)
Jude xx
(WA)Jude xx
Jun 1st 2007, 5:22 am
#8
has lost The Game
Joined: Apr 2005
Location: Chippendale, Sydney
Posts: 8,735
Re: Estate Agent Fees
Here in QLD the Seller pays for advertising bloody expensive and you pay a commission to the Agent. There is a maximum amount of commission that can be charged by the agent. You do have the right to negotiate a lower commission rate but very few will. There is a company that has started here that charges 1% commission but I believe they also charge the buyer as well.
What she got for her money was 2 months of internet advertising on Domain.com.au. Looking at that site, it appears that she could have done her own advertising for the grand cost of $297 per 28 days = $594. She seemed very deflated when I showed her that...
S
Jun 1st 2007, 5:28 am
#9
Karma earned, not whored
Joined: Apr 2004
Location: Perth
Posts: 1,001
Re: Estate Agent Fees
Estate agents fees, will be whatever you negotiate, if you just pay what they ask, then they will take the p*** Friends of ours sold their 950k house recently they had 3 agents round, two quoted around 25-30k one quoted 8k .....needless to say he got the gig.
Jun 13th 2007, 6:48 am
#10
BE Enthusiast
Joined: Jan 2007
Location: Sydney
Posts: 372
Re: Estate Agent Fees
Aust RE selling fees range from 1-3.5% and that can (or can not) include advertising. Allow for an average of 2% plus approx $5-10K for advertising, depending on location and campaign.
Don't make the mistake of only going with the cheapest agent, however, as they are certainly not all equal and you are best off interviewing them at length and asking to see evidence of how they achieved great prices for their previous clients (ask for references and contact past happy sellers) as well as hearing their specific marketing strategy.
Here in Oz, buyers agents (such as myself) assist buyers only and we charge flat fees to the buyer, not commissions, as we are trying to get the lowest price after all
As far as other costs go, depending on your status and whether or not you qualify for exemptions there are grants and stamp duty concessions which aim to assist first home buyers - these range from state to state.
As a rule of thumb, and using NSW as an example, and assuming you're not entitled to any first home buyer exemptions, allow approx $20K in stamp duty for a home purchase of around $550K. For other states, check out this useful calculator- easy to use and figure out costs quickly.
http://www.echoice.com.au/servlet/Ho...stampduty.html
Don't make the mistake of only going with the cheapest agent, however, as they are certainly not all equal and you are best off interviewing them at length and asking to see evidence of how they achieved great prices for their previous clients (ask for references and contact past happy sellers) as well as hearing their specific marketing strategy.
Here in Oz, buyers agents (such as myself) assist buyers only and we charge flat fees to the buyer, not commissions, as we are trying to get the lowest price after all
As far as other costs go, depending on your status and whether or not you qualify for exemptions there are grants and stamp duty concessions which aim to assist first home buyers - these range from state to state.
As a rule of thumb, and using NSW as an example, and assuming you're not entitled to any first home buyer exemptions, allow approx $20K in stamp duty for a home purchase of around $550K. For other states, check out this useful calculator- easy to use and figure out costs quickly.
http://www.echoice.com.au/servlet/Ho...stampduty.html
Jun 13th 2007, 6:53 am
#11
has lost The Game
Joined: Apr 2005
Location: Chippendale, Sydney
Posts: 8,735
Re: Estate Agent Fees
Aust RE selling fees range from 1-3.5% and that can (or can not) include advertising. Allow for an average of 2% plus approx $5-10K for advertising, depending on location and campaign.
Don't make the mistake of only going with the cheapest agent, however, as they are certainly not all equal and you are best off interviewing them at length and asking to see evidence of how they achieved great prices for their previous clients (ask for references and contact past happy sellers) as well as hearing their specific marketing strategy.
Here in Oz, buyers agents (such as myself) assist buyers only and we charge flat fees to the buyer, not commissions, as we are trying to get the lowest price after all
As far as other costs go, depending on your status and whether or not you qualify for exemptions there are grants and stamp duty concessions which aim to assist first home buyers - these range from state to state.
As a rule of thumb, and using NSW as an example, and assuming you're not entitled to any first home buyer exemptions, allow approx $20K in stamp duty for a home purchase of around $550K. For other states, check out this useful calculator- easy to use and figure out costs quickly.
http://www.echoice.com.au/servlet/Ho...stampduty.html
Don't make the mistake of only going with the cheapest agent, however, as they are certainly not all equal and you are best off interviewing them at length and asking to see evidence of how they achieved great prices for their previous clients (ask for references and contact past happy sellers) as well as hearing their specific marketing strategy.
Here in Oz, buyers agents (such as myself) assist buyers only and we charge flat fees to the buyer, not commissions, as we are trying to get the lowest price after all
As far as other costs go, depending on your status and whether or not you qualify for exemptions there are grants and stamp duty concessions which aim to assist first home buyers - these range from state to state.
As a rule of thumb, and using NSW as an example, and assuming you're not entitled to any first home buyer exemptions, allow approx $20K in stamp duty for a home purchase of around $550K. For other states, check out this useful calculator- easy to use and figure out costs quickly.
http://www.echoice.com.au/servlet/Ho...stampduty.html
Grrr! Where were you about 3 weeks ago when I was offering on the house I'm angling to buy!
S
Jun 13th 2007, 7:15 am
#12
BE Enthusiast
Joined: Feb 2007
Location: Hervey Bay QLD
Posts: 435
Re: Estate Agent Fees
OMG
Ive just checked this site out and the house that we have just bought here in QLD will cost us $5996 in stamp duty. If we had bought again in SA (where we have just come from ) it would have been $17500. That is incredible.
Anyone know why the huge difference?
Angela
.
As a rule of thumb, and using NSW as an example, and assuming you're not entitled to any first home buyer exemptions, allow approx $20K in stamp duty for a home purchase of around $550K. For other states, check out this useful calculator- easy to use and figure out costs quickly.
http://www.echoice.com.au/servlet/Ho...stampduty.html[/QUOTE]
Ive just checked this site out and the house that we have just bought here in QLD will cost us $5996 in stamp duty. If we had bought again in SA (where we have just come from ) it would have been $17500. That is incredible.
Anyone know why the huge difference?
Angela
.
As a rule of thumb, and using NSW as an example, and assuming you're not entitled to any first home buyer exemptions, allow approx $20K in stamp duty for a home purchase of around $550K. For other states, check out this useful calculator- easy to use and figure out costs quickly.
http://www.echoice.com.au/servlet/Ho...stampduty.html[/QUOTE]
Jun 13th 2007, 7:23 am
#13
BE Enthusiast
Joined: Jan 2007
Location: Sydney
Posts: 372
Re: Estate Agent Fees
[QUOTE=Cookster;4907382]OMG
Ive just checked this site out and the house that we have just bought here in QLD will cost us $5996 in stamp duty. If we had bought again in SA (where we have just come from ) it would have been $17500. That is incredible.
Anyone know why the huge difference?
Angela
.
State govts and their coffers
Thank your lucky stars you don't live in NT or VIC- they're higher!
Ive just checked this site out and the house that we have just bought here in QLD will cost us $5996 in stamp duty. If we had bought again in SA (where we have just come from ) it would have been $17500. That is incredible.
Anyone know why the huge difference?
Angela
.
State govts and their coffers
Thank your lucky stars you don't live in NT or VIC- they're higher!
