How Much Does It Cost to Sell a House in Sydney (2024 Update)
On average, selling a median-priced home in Sydney valued at AUD$1,150,000 incurs a commission cost of $24,725!
For sellers, including real estate agent commissions, average settlement costs in Sydney typically range from 1.8% to 2.5% of the home's final sale price. For a median-priced home in Sydney — with the median home value around AUD$1,150,000 — you'd pay between AUD$20,700 and AUD$28,750.
Typical settlement costs for Sydney home sellers include conveyancer or solicitor fees, the cost of obtaining a building and pest inspection report, real estate agent commission, and the bank discharge fee. Optional costs for sellers may include home staging and minor renovations or repairs to increase the property’s appeal.
Homebuyer settlement costs in Sydney include mortgage application fees, valuation fees, and inspection fees.
How Much are Seller Settlement Costs in Sydney?
Seller settlement costs are the fees you pay during the final real estate transaction when selling your home in Sydney. These include the costs of verifying and transferring ownership to the buyer, making most settlement costs unavoidable.
Sydney Seller Settlement Costs Overview
Based on a sale price of AUD$1,150,000, the typical home value in Sydney, total settlement costs for sellers can significantly vary depending on several factors, including the chosen real estate agent and conveyancer.
Real estate agent commission fees often represent the largest expense for sellers in Sydney. However, it's possible to negotiate this fee, especially in a competitive market.
Detailed Breakdown of Sydney Seller Settlement Costs
- Conveyancing/Solicitor Fees: Covers the legal work involved in selling your property, including preparing the contract of sale and dealing with the settlement process.
- Building and Pest Inspection Reports: Although usually the buyer's responsibility, some sellers choose to conduct these inspections before listing their property to ensure a smoother sales process.
- Real Estate Agent Commission: This fee is for the marketing and selling of your property. While rates can vary, the average commission in Sydney ranges from 2% to 2.5%.
- Bank Discharge Fee: If you have a mortgage on the property you're selling, your bank may charge a fee to prepare and process the documents needed to remove the mortgage from the property title.
Sydney property settlement costs calculator
Use our tool to calculate closing costs for Sydney.
How to save on Sydney closing costs
While closing costs in Sydney aren't usually the biggest expense for sellers, there are a few ways to reduce these fees.
Save on real estate agent fees
The best way to reduce your overall expenses when selling is to find a realtor who charges lower listing fees. In Sydney, real estate commission costs an average of $24,725 — that's usually more expensive than all of your closing costs combined!
Thankfully, there's a way to save big by selling with Minty. With listing fees of just 1%, you'll save around 62% on real estate agent commission in Sydney, providing some relief from the most expensive part of selling a home.
» SAVE: Learn more about how much a Minty agent can save you!
Negotiate for the buyer to pay
Who pays closing costs is up for negotiation. If you're selling in the middle of a hot seller's market with low housing inventory, you could ask the buyer to cover some of your settlement costs as a seller.
Competition among buyers is fierce in these market conditions, so they're typically more willing to make concessions so you'll accept their offer on your Sydney home.
When you're selling in a buyer's market, however, they'll likely ask you to make more concessions since you won't be getting as many offers.
Shop around for better prices
It might be possible to save some money by shopping around for cheaper rates on services like title insurance and settlement fees like conveyancing.
However, these costs are relatively low and tend to be fairly consistent among different companies. When you're already navigating inspections, repair requests, and appraisals, calling several different companies to find a $50 discount probably isn't worth the hassle!
