How much does it cost to sell a house in QLD?
Wondering how much it costs to sell a house in Queensland? This guide breaks down what fees are involved in selling a house in the Sunshine State including conveyancing costs and typical real estate agent commission.
Conveyancing in Queensland
Conveyancing is the legal process of transferring the ownership of a house from seller to buyer. Typically, conveyancing fees are one of the major costs of selling a house and while you can save money by doing it yourself, having your paperwork professionally managed can protect you from potentially costly mistakes. Like every state, Queensland has specific conveyancing requirements that sellers should be aware of before commencing the selling process.
Requirements for conveyancing in Queensland
In Queensland, you don’t need to appoint a conveyancer until you’ve accepted an offer, and any professional conveyancing work must be done through a legal practice. This differs from states such as NSW where conveyancing is required to put your house on the market and can be handled by a licensed conveyancer or settlement agent. Queensland law allows sellers to do their own conveyancing, but it’s worth noting legal professionals have indemnity insurance in case something goes wrong.
If exercised, buyers of residential property in Queensland get a cooling period of 5 business days starting from when they receive a signed copy of the contract of sale. A buyer may be charged around 0.25% of the selling price to cancel the contract of sale during the cooling off period, which is generally deducted from their deposit. Cooling off periods don’t apply to houses sold at auction.
Average price of a conveyancer in QLD
You can be looking to pay anywhere between $500 and $2,200 for conveyancing in the Sunshine State. These fees are commonly charged as:
- A flat or fixed conveyancing fee that may not include disbursement costs or your solicitor’s out-of-pocket expenses.
- A negotiated fee.
- An hourly rate.
- A percentage of the total sale price.
Disbursement costs are fees your solicitor may need to pay to third parties on your behalf. For example, Titles Queensland requires sellers to register the discharge of their mortgage from their property, incurring a registration fee of around $195. You may also be charged Property Exchange Australia (PEXA) transaction fees for your solicitor to electronically lodge your settlement.
Before signing up, it’s a good idea to ask your solicitor for a detailed quote or a breakdown of what’s included in their fixed fee. Some law firms may not initially disclose all their potential fees so be sure to check for any ‘hidden’ costs.
Other fees to consider when selling your house in QLD
On top of conveyancing, there are several other key costs of selling a house that should be factored into your budgeting:
Agent fees and commission
In Queensland, the average real agent commission fee is 2.7% but this can vary depending on the agent, location, state of the market and type of property you’re selling. In some cases, it can be as low as 1% or as high as 4.7%.
Your agent’s sales commission structure will also influence how much you pay. The two typical real estate commission structures are fixed and tiered, with fixed commissions calculated by multiplying the sale price by the commission rate. Tiered commissions are performance-based meaning the amount you pay is based on how much your house sells for. If it’s more than the set sale price, the commission will be higher.
Auctioneer’s fees in Queensland can be anywhere between $200 and $1,000 and are separate to your real estate agent commission fees. You can hire your own auctioneer but it’s generally most cost effective to have your agent organise one on your behalf.
The cost of marketing a house in Queensland can range between $600 and $2,000, depending on the type and duration of the marketing plan used. These costs may either be included in your agent’s commission fee or charged separately. Marketing a house in Brisbane for 45 days can cost anywhere between $600 and $2,000, and between $300 and $1000+ for regional areas.
Other optional costs
A well-presented home is more likely to attract buyers and a potentially higher price. Costs for preparing your home for sale can include renovations, repairs, garden maintenance and professional home staging.
Factors that can alter the cost of selling a house in QLD
Real estate fees can also vary depending on the situation, including:
Method of sale (private or auction)
Selling your house at auction is generally more expensive than a private treaty sale. This is due to the addition of auctioneer’s fees as well as a more extensive advertising campaign.
An unusual property or one that is only going to appeal to a small number of buyers can be challenging to sell. An agent will have to work harder to find a buyer and is likely to charge more for their time and efforts.
Some agents may accept a lower commission rate for properties with a comparatively higher value as they’re still likely to be paid a decent amount from the sale.
Location of property
Commission rates vary by location and whether they’re in metro or rural areas. Rates tend to be lower at around 2.5% in cities, such as Brisbane and Cairns, and higher at around 3% in regional areas, like Cunnamulla.
Don't stress about all the complicated costs and steps involved in selling. OpenAgent's ultimate property guide can help simplify this process.
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