Find a buyer’s agent in Melbourne to help you buy the property you want at the best possible price.
With a vibrant arts scene, spectacular nightlife, fine dining and famous sporting culture, Melbourne is one of the world’s great cities. The Victorian capital regularly features prominently on lists of the world’s most livable cities, and is home to a population of more than 4.6 million people.
Unfortunately, this can create problems for home buyers. With such a competitive property market, Melbourne is the second-most expensive city in Australia for home buyers. So if you need help securing the property you want for the best possible price, you might want to enlist help from a reputable buyer’s agent. Here’s how to find the right buyer’s agent for your next property purchase.
How to choose a reputable buyer's agent
Buying a home will probably be the most expensive purchase you ever make, so it’s vital that you take some time to select the best buyer’s agent for the job. Compare a range of agents and ask about their qualifications, experience and references before deciding which one is right for you.
What kind of fees does a buyer's agent charge?
How much does it cost to use a buyer’s agent in Melbourne? The answer depends on your agent’s fee structure:
- If the agent charges a flat fee, this typically ranges from $6,000 up to around $15,000.
- If the agent charges a fee as a percentage of the property purchase price, expect that percentage to be anywhere from 1.5% to 3%. For example, if your agent charges a 2% commission and you purchase a property at the median dwelling price of $605,000, you’d be looking at a fee of $12,100.
In addition, be aware that in many cases a buyer’s agent will split the fee into two instalments. The first fee, representing a small portion of the total cost, will need to be paid upfront, with the remainder to be paid once you’ve purchased a property.
There's plenty more information on typical buyer's agent fees in our comprehensive guide
How much does the average Melbourne property cost?
As at 31 March 2017, the median dwelling price in Melbourne had jumped to $605,000, an increase of 15.9% on the previous year. This makes Melbourne Australia’s second-most expensive capital city after Sydney (median price of $805,000), and is a perfect example of why getting help from a buyer’s agent could be a great idea.
An experienced and knowledgeable agent will help you get your hands on a property before other buyers get a chance, and can also give you more bargaining power as you try to lock in the best possible price.
Popular suburbs in Melbourne to buy property in 2017
Median sales price: $1.025 million
Located 6km north of the Melbourne CBD and bordered by the famous Lygon Street, Brunswick East is popular with younger buyers and has a high proportion of flats, units, apartments and townhouses. Its median sales price over the past 12 months of $1.025 million has increased 53% in the past three years.
Median sales price: $1.2 million
Located 16k southeast of the Melbourne CBD, Highett is a popular family-friendly suburb close to the waters of Port Phillip Bay. Its median sales price over the past 12 months of $1.2 million has increased 60% in the past three years.
Median sales price: $988,000
A suburb with a young demographic and convenient transport links, Brunswick West sits 6km north of the Melbourne city centre. With a median sales price of $988,000 across the past 12 months, prices in Brunswick West have climbed 9.2% in the past year and 41.6% over the past three years.
Median sales price: $1.3 million
St Kilda has long been a trendy and sought-after location for Melbourne home buyers and that doesn’t look as though it will change any time soon. Its median sales price of $1.3 million has increased 123.8% over the past three years.
Median sales price: $617,000
A multicultural suburb 25km southeast of the CBD, Noble Park offers affordable property prices and is popular with younger buyers. Its median sales price of $617,000 over the past 12 months has increased 16.4% in that time and 52.3% over the past three years.