What Will it Cost to Sell My Property in Canberra?
Spending money isn’t likely the first thing you think about when selling a property in Canberra.
But between real estate agent’s fees and conveyancing costs, there are several expenses you’ll need to factor into your budget to make sure there aren’t any surprises further down the line.
While some of the costs are largely unavoidable, others can be reduced if necessary. That said, every vendor wants to secure a prompt sale for the best possible price. For that to happen, you often have to spend money to make money and maximise your return.
With that in mind, what are some of the most common fees when selling your property in Canberra?
Real Estate Agent Fees/Commission
Real estate agent fees will generally be in the form of commission, charged as a percentage of the final selling price, though some agents use a flat fee structure – so you pay an agreed price regardless of how much your home sells for.
How much commission for selling a house does an agent normally charge?
While exact rates vary, you can expect to pay between 2% to 2.5% of the final sale price in real estate fees to sell a house in Canberra.
On top of this, you may need to pay auctioneer’s fees. The average auctioneer cost in Canberra is between $450 and $550.
Marketing Costs
Your marketing costs will vary depending on the type of campaign you decide to run but, as a general rule, budget to spend between 0.5% and 1% of the value of your home.
While you can spend less than this, remember that you want to attract as many people to your home as possible. That’s because the more potential buyers you reach, the greater the buyer competition and the more likely it is you’ll achieve a great sales price.
So, while marketing might seem like an expense, it’s better to think of it as an investment.
Marketing fees aren’t necessarily an upfront cost either, as they can be deducted from the final sale price of your property.
Legal Fees and Lender Fees
Conveyancing fees to sell a house range between $1,000 and $2,000, depending on the complexity of the work involved.
If there is a mortgage on your property, you may also need to pay your lender a discharge or settlement fee to cover the administration costs of closing your home loan. The exact cost will depend on your mortgage.
Finally, if you are selling an investment property, you may need to pay capital gains tax if you make a profit. This will need to be declared on your tax return.
Want to get the best possible price when selling your home in Canberra?
Jonny Warren is ACT’s reigning Property Marketer of the Year and set four suburb records in the 2021-22 financial year.
Contact him by filling in this form, calling 0431 797 891 or emailing jonny@jonnywarren.com.au.