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Home › Real Estate Agent Fees › Costs To Sell A Property in Melbourne [2024 Update + Calculator]
The costs of selling a property in Melbourne are substantial and cannot be determined by one figure alone, especially as there are so many variances which come into play.
So, what costs are involved in selling a house? This guide will take you through the many different primary costs of selling a house.
While some of the typical costs such as auctioneer’s fees, home improvements, repairs and home staging expenses may not be entirely necessary, it is worth having money set aside for these added extras in case you decide to go down that route. A small investment, particularly regarding repairs and professional styling, could reap huge rewards.
Spending money to prepare and market a property is only a worthwhile investment if you engage a top real estate agent to maximise your return on this investment.
Our free comparison service will show you exactly who the best real estate agents suited to sell your property are. Agents are very happy to discuss marketing and advertising cost structures, so don’t be shy.
Table of Contents
The costs of selling in a property in Melbourne are:
Commissions in Victoria vary depending on location. If you live in Melbourne, your rate will be approximately 1.6% to 2.5%. Homeowners in regional areas can expect to pay more due to lower property prices, between 2.5% to 3.5%. Want to know more about fee inclusions, the market or agents in Melbourne? We’ve compiled a guide on agents in Melbourne.
Total Agent Commission
We can also help you find commission rates in your area and connect you to top-performing local agents.
The cost for conveyancing fees in Victoria range from $700 – $1,300.
As soon as the house is sold, the title of the house must be transferred from one owner to another. This is done with the assistance of a conveyancer or solicitor.
To market a property online in Melbourne, the agency advertising rates and fees can vary in cost between $500 to over $2000 per 45 days, depending on the quality of campaign you would like to run. This means that a top-billing ‘Premiere’ tier listing that appears consistently at the top of searches would cost over $2000, while the regular ‘Highlight’ tier may cost around $1500. In regional areas of Victoria like Geelong and Ballarat, the marketing prices dip to between $300 to over $1000.
Insiders tip: search your suburb in realestate.com.au to see what type of ad other sellers are using, and then base your selection, so your property has equal / greater prominence than theirs.
You can expect to pay between $150 and $1,000 for mortgage discharge fees depending on the type of loan you have with your financial institution.
Capital Gains Tax is not necessary if you live in the property you are selling, otherwise it is dependent on your personal circumstances. For more information, visit the Australian Taxation Office website.
Regardless of which state you live in, any upgrades and repairs will depend on the age and the condition of your property.
The costs for an auctioneer will range from $200 up to $1,000.
If you intend to hire a company to assist you with your home staging, you can expect to pay somewhere between $2,000 and $8,000.
Although moving costs can be quite minor in the scheme of things, don’t forget to allocate between $500 and $3,000 to get the job done.
By now you should have a good idea of what you should expect when you’re looking to sell your property. To get a final figure, just use our costs of selling calculator below, which will let you tally up a total estimated cost of selling and see where you could save money.
The above prices are a general guide to inform you how much it is going to cost you to sell a home in Melbourne. This information is particularly helpful if you are a first-time buyer, so you have a better idea of your budget. Exactly how much it will cost to sell your house will be determined by chosen method of sale, agent and location.
Remember that it might not be in your best interests to opt for budget marketing plans or commission fees. Selling your house can be one of those times where you get what you pay for – agents might not work as hard for you if you’re paying them a lower commission rate for example. At Which Real Estate Agent, we can help you find agent commissions and top-performing agents – we do all the research for you.
The common costs in selling a property are; real estate agent fees and commissions, conveyancer or solicitor fees, marketing costs, mortgage discharge fees, capital gains tax, auctioneer costs and moving costs.
Commission rates for real estate agents vary state-to-state but generally agents will be paid 1-4% of the selling price as per their commission rate.
Real estate agencies will generally print brochures & signage as part of the marketing costs. Marketing costs will normally include digital marketing on sites like realestate.com or domain as well.
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