By Neil King
20 January 2023 / 5 min read
The cost of selling a house in Victoria 2023
Successfully selling your property for the best price often requires a significant investment to stand out in a competitive real estate market like Victoria. 2022 was a year of fast turnovers, with many homes in Victorian suburbs selling within a week. And with the population expected to overtake NSW by 2030, interest from buyers looking to establish themselves in the growing market is expected to continue into 2023. The cost of selling property in Victoria can change depending on a variety of factors: whether the property is rural or metropolitan, competition in the area and size of the home. Ensuring you're aware of these additional costs and the reason for them generates a more accurate depiction of the total return from the final selling price of your home.
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Government fees when selling a house in Victoria
There are many variables when considering the costs of selling a house, and often a few fees you can expect to pay that are consistent throughout the state. Although not necessarily a mandatory requirement for selling your home, finding a local real estate agent can positively influence the final sale price of your property. Agent fees for selling property in Victoria are an essential cost to consider alongside the government fees listed below.
(These are the current prices at the time of writing this but it is always a good idea to do your own research and cross check the amount you’re spending.)
Conveyancer/solicitor fees
Conveyancing services in Victoria range between $800 and $2200.
Lender fees
Having a mortgage on the home you're selling means you may be expected to pay a discharge fee. This can cost between $150 and $1,500 in VIC, with the exact amount decided by the lender.
Agent fees
The commission your agent charges can vary significantly depending on the location of your home. You can expect an agent's fees in Victoria to range between 1.5% - 3.5%. Rural properties often have higher fees because the final selling price is usually lower than metropolitan areas.
It’s crucial to separate essential and non-essential expenses when calculating the value of any voluntary costs.
Voluntary costs - Spend money to make money
Often referred to as hidden costs, these additional expenses are what you spend to make your home more appealing and stand out to potential buyers. The cost of marketing, hiring cleaners and renovations are optional when selling your home. But doing so can pay significant dividends by adding value to your property or improving the visibility of your local real estate market.
Marketing
In a property market as competitive and fast moving as Victoria, an effective sales strategy can be the difference between earning the best price for your home and being overlooked. Homeowners should generally expect to pay from $500 to as much as $8,000 on marketing.
Deep cleaning
Hiring a professional cleaner with experience preparing homes to be displayed or moved into can add to the appeal of your property to prospective buyers. Prices can vary between $200 and $1000 depending on the type of service provided and size of the property. Our suggestion if you intend to hire any cleaning service is to collect multiple quotes from local cleaners to ensure a more precise quote.
Home Staging
Professional home stagers can make recommendations about the presentation of your home or can completely redesign the look and feel of your property to better entice buyers during inspections. Home staging fees are ultimately decided by the professional stager and size of the property but potentially adds up to 10% to the value of your home. If you're selling in Victoria, expect to pay around $2,000 for six weeks of display.
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