Realtor fees vary widely by region.
But how do you get a better idea of what your realtor might be charging you?
Read moreThe US has some of the world’s strictest real estate laws and the US Department of Justice says that there is “no legitimate justification” for the rental fees charged by Australian real estate agents.
In Australia, the government says it does not regulate real estate, but the real estate industry does, with the Australian Property Institute (API) claiming that the industry “provides a substantial and significant portion of our housing supply”.
The API also points to the fact that Australian realtors charge about 1 per cent more than overseas counterparts.
While Australian agents have the right to charge what they feel is fair, it is not the only way to make a fair decision, and there are also legal restrictions on the fees that realtor’s may charge you.
For example, the NSW Attorney-General’s Department said that it is “extremely difficult to prove” a fee that is “not reasonable” in Australian law.
If you want to know the real costs of owning property in Australia, look no further than the Australian Capital Territory, where property prices are so high that you can buy an average of $5,000 a year for a home.
Property is an important part of the Australian lifestyle, and property agents are required to charge the best possible rates to get their clients the best deal.
You can find out more about what realtor’s in Australia are charging you and what you can do to protect yourself.