Queensland Real Estate Commission

Typical charges for a full service real estate agent to sell your home in Queensland  

Typical Gold Coast Real Estate Commission Rates To Sell Property

The vast majority of property sold on the Gold Coast fits into these typical commission ranges. 

Units
  • Unit $200,000 to $400,000 – 2.5% to 3.0% inc gst
  • Unit $400,000 to $900,000 – 2.25% to 2.75% inc gst
  • Unit $900,000 and over – 1.9% to 2.5% inc gst
Houses
  • House $400,000 to $600,000 – 2.5% to 3.0% inc gst
  • House $600,000 to $900,000 – 2.25% to 2.75% inc gst
  • House $900,000 and over – 1.9% to 2.5% inc gst
Land
  • Land Under $500,000 – 2.25% to 2.75% inc gst
  • Land Over $500,000 – 1.9% to 2.5% inc gst

Whilst these real estate commission ranges cover most property sales conducted by full service real estate agent there are still outliers that fall outside of the range. The biggest mistake some home owners make is to select an agent based only on their commission rate.  Pay peanuts and get monkeys.

Like anything you buy, the cheapest is not always the best, and therefore you need to balance the quality and level of service being offered against the rate charged. Saving 0.25% off the real estate commission to engage a poor negotiator could end up costing you far more. 

Queensland Real Estate Commission

Real Estate Commission rates can vary depending on several factors including:-

  • Level of Service provided. Most agents provide full service, but occasionally, some providers will provide a basic or limited service, and as a result, they charge a lower commission or a fixed fee. This often comes with additional charges for open homes, inspections, and even negotiations
  • Marketing Included or Excluded.  By its nature, the commission is a selling fee based on success only, and so marketing is generally on top and upfront, but some agents will package the marketing with a higher commission rate. Whilst this means there is nothing paid upfront by the owner if your home sells, it normally results in a higher total cost. Other options like VPAPay are for more cost-effective these days for property owners.
  • Value of the Property. Typically lower value properties will attract a higher commission rate, and similarly, a higher value property will attract a lower commission rate.
  • Type of Property. A block of land sale generally requires far less work than selling a unit in a secure body corporate building. This difference is often reflected in commission rates.
  • Market Forces. In a small town with only a few agents or less, the competition to drive down the commission is very low. In an urban setting, there is a higher level of competition to drive down commission rates.
  • Quantity. Obviously, a developer with 20  homes to sell every 6 months will be able to demand a lower rate than somebody that sells one home every 10 years.

Marketing

The typical real estate commission rates listed above are without a marketing component.  Most agents will charge marketing upfront, so VPAPay is becoming very popular to defray marketing costs after an expected sales date.

Every real estate agent will provide the typical range of included marketing initiatives.  Some agents will even try and place some nominal value on these and claim they are giving you a discount.

Whilst a house can be sold with no or minimal marketing investment, that is never really recommended.  Marketing a property requires a significant investment. However, it delivers a significant return on investment when done right. Even just a  minimal investment in professional photography, virtual tours, property portal upgrades will return an owner many times more in a higher achieved sales price.

Typically marketing is tailored to suit each property. Most marketing packages on the Gold Coast fall between $1,000 to $5,000. It’s not unheard of to see multimillion-dollar properties investing well over $25,000 in marketing costs alone.

REIQ Commission Rate

Up until November 2014, the residential real estate commission rate in Queensland had a legislated maximum commission of  5% of the first $18,000 of the purchase price plus 2.5% of the balance of the purchase price plus the GST if applicable.

This was often referred to by buyers, journalists, and the public as the REIQ Commission Rate, although the REIQ (Real Estate Institute of Queensland) has no role in setting the commission rates.

Deregulated Queensland Real Estate Commission

In November 2014, the Queensland State Government deregulated Queensland Residential Commission Rates, and like other Australian states. Therefore Queensland Real Estate commission no longer has a ceiling.

As one of the most awarded and leading real estate agencies on the Gold Coast if you are considering selling a Gold Coast property, we would love to assist you with your property journey. 

 

17123
17125
17129
17132
17131
Scroll to Top