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Selling your home and want to get a good idea of all the various costs involved?
It’s a wise move as there is plenty to consider before the sale goes through, like your real estate agent's commission, conveyancer’s fees, and the cost of marketing and advertising your property when it gets listed.
While all of these costs generally apply everywhere in Australia, there are some variations in how much you pay and other considerations to look out for based on where you live. Look at these articles to understand how much it could cost to sell a house your state:
Thankfully, many of these costs are an investment that can dramatically increase the final sale price. There are also new payment options to fund marketing costs, giving you maximum flexibility and the peace of mind that your property is getting the most possible exposure.
Let’s start by looking at the biggest cost of any property sale: your agent’s fee or commission.
Real estate agents' income is in large part funded by the commission rate they charge for helping to sell your property. This is the single biggest cost when selling your home, so it’s important to know how much you'll be looking to pay.
The commission and any other fees agents charge aren't regulated and are set by individual agents. This means they can vary from suburb to suburb as well as between agents within a suburb, so it pays to shop around! Agents could charge a fixed or tiered commission, and each has its own pros and cons.
Average cost: You can pay between 1.6% - 4% of the total sale price of your property, depending on where you live. This could be (around $11,200 - $28,000 on a $700,000 property).
Tip: Use a real estate commission calculator to work out the average real estate commission in your suburb.
If you are buying or selling property, you'll need a legal professional like a licensed conveyancer (or solicitor) to handle all the paperwork involved in the transfer of ownership. This is the transfer of legal title of property from one person to another, which includes the exchange of contracts, transfer of land documents, completion and final settlement.
Conveyancers also can help you with other critical tasks like conducting searches about a property, arranging building and pest inspections, or when you need to pay stamp duty.
Average cost: You can expect a conveyancer to cost anywhere from $500-$1,400 depending how complex your transaction is and how much advice you need. More complex transactions could cost as much as $2,200, though conveyancer fees are generally lower than what a solicitor would charge.1
A discharge fee - also called a ‘termination’, ‘exit’ or ‘settlement’ fee - is what your lender charges when you terminate or end a mortgage with them.
In addition to the discharge fee, you may also have to pay legal and administrative costs. Some states (like Queensland and Victoria) have government fees for this scenario which you have to pay in addition to the discharge fee you pay your lender.
Average cost: Mortgage discharge fees can range from $150 - $400, depending on the lender.2
Once you have sold your property you will need to move all your belongings. This is when you will likely need the help of removalists, who have different levels of service - from doing all the packing and unpacking to simply moving your large items from one place to another.
Removalist costs can vary depending on how much stuff you have, what level of service you choose, and how easy or difficult access to your home is.
Average cost: Expect to pay between about $130 and $200 per hour for local removalists depending on quality of service, distance travelled and day of the week. Other charges like transport and insurance could also apply depending on how far you are moving.3
If your home needs some TLC before you put it on the market, you will need to budget for these costs. There is no doubt that pre-sale repairs can help boost your final sale price, and it's often wise to focus on cosmetic projects which give you the best bang for your buck. These include tidying up your front and backyard, cleaning carpets and painting indoors and out.
Average cost: Expect to pay a painter roughly $35 to $45 per square metre, or around $300 to $600 per room, while carpet cleaning can cost $25 to $100 per room depending on the size and how many passes they make. Garden services could charge $45 to $120 per hour, depending on where you live.4,5,6
If you have an outdated kitchen or bathroom you should consider giving it a makeover, though be careful not to overcapitalise and spend too much. Cost-effective projects in the kitchen include replacing cabinetry fronts, cabinetry hardware and new flooring. For bathrooms, new shower screens, tapware and lighting can all help freshen up this space.
Average cost: Depending on how complete your renovation is, a basic bathroom overhaul could cost anywhere between $8,000 and $35,000. The average cost of a full kitchen renovation is around $17,000 and in practice could range anywhere from $15,000 to $45,000.7,8 It's important to speak to an appropriately licensed trade to get an accurate quote as to where you sit in this range.
Home staging or styling is when a professional takes over the presentation of your home when it is listed for sale. They will declutter, depersonalise and maybe even replace your furniture, all so your home presents well and appeals to as many buyers as possible.
You can choose how much staging you want and for how long, with larger homes requiring a bigger budget. It's estimated that homes staging can boost your sale price by up to 10%9, so it's something to consider strongly.
Average cost: Staging is highly dependent on property size, location and the extensiveness of styling. Expect to pay anywhere from $2,500 to simply stage a two-bedroom apartment up to $10,000 for a thoroughly styled four-bedroom house.10
If your market is auction friendly and/or the market is running hot and suited to this sale method, you will need to budget for an auctioneer. Expect to pay more for auctioneers with a record of getting high final bids. Some bundle their fee into the agent’s commission, so it is not really free, and it's important to clarify this. Bear in mind that you need to market your property properly to make sure enough people turn up to the auction.
Average cost: Auctioneers generally charge anywhere from $400 to $1000 depending on where you live. Auctioneers with more experience and better track records will typically cost more.10
You are typically liable for the cost of marketing and advertising your property, though your agent will coordinate it all for you and in some cases will include this expense in their commission. The goal is to reach as many potential buyers as possible in order to drive competition to reach the highest sale price. This can include online advertising and listing on platforms like realestate.com.au and Domain, billboards outside the property, photography/videos, copywriting and the creation of floorplans.
If you opt for a more complete approach that could include things like virtual/VR 3D tours and drone footage of the property and street, costs can escalate.
Average cost: You can expect to pay anywhere from $600 to $10,000 for a marketing package depending on where and how your home is advertised.10
Thankfully there are new funding options from Doorsteps Solutions to help finance the cost of marketing, renovations, repairs and styling to help present your home in its ideal light and maximise buyer interest. You can choose to ‘pay later’ and defer paying for marketing costs for up to six months or ‘pay on success’, giving you the peace of mind that if you don’t sell, you won't be out of pocket.
1. Platinum Lawyers, 'How Much Does A Conveyancer Cost in Sydney?'
https://platinumlawyers.com.au/blog/how-much-does-a-conveyancer-cost-in-sydney/
2. Qantas Money, 'What it costs to refinance your home loan, 4 April 2023
https://www.qantasmoney.com/home-loans/guide/what-it-costs-to-refinance
3. Realestate.com.au, 'How much does it cost to move house in 2023?', 16 February 2023
https://www.realestate.com.au/advice/how-much-does-it-cost-to-move-house/
4. Service.com.au, 'How much does it cost to paint a house? | 2023 cost guide', 2 March 2023
https://www.service.com.au/articles/painters/how-much-does-house-painting-cost
5. Service.com.au, 'How much does carpet cleaning cost? | 2023 cost guide', 28 January 2023
https://www.service.com.au/articles/cleaning/how-much-does-carpet-cleaning-cost
6. Yellow Pages, 'How much does hiring a gardener cost in 2023?', January 2023
https://www.yellowpages.com.au/articles/gardeners/how-much-do-gardeners-cost
7. hipages, 'How much does an average bathroom renovation cost? [2023]?', 10 February 2023
https://hipages.com.au/article/how_much_does_bathroom_renovation_cost
8. service.com.au, How much does a kitchen renovation cost?', 16 February 2023
https://www.service.com.au/articles/kitchen/how-much-does-a-kitchen-renovation-cost
9. The Inspired Space, 'Return On Investment', 2 December 2022
https://www.theinspiredspace.com.au/return-on-investment
10. Realestate.com.au, 'How much does it cost to sell a house in 2023', 20 January 2023
https://www.realestate.com.au/advice/how-much-does-it-cost-to-sell-a-house/
This article is written expressly for education purposes and content is based on the opinions of the authors or as otherwise cited. All information is current as at publication release and we take no responsibility for any factors that may change thereafter. Doorsteps Finance Pty Ltd ABN 27 648 541 879 and Doorsteps Solutions Pty Ltd ACN 654 334 246, the holder of Australian Credit Licence 537369 does not accept any liability or responsibility whatsoever to any error or omission or any loss or damage of any kind sustained by a person or entity arising from the use of this information. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Doorsteps Solutions Pty Ltd ABN 60 654 334 246 and Doorsteps Finance Pty Ltd ABN 27 648 541 879 are not making any suggestion or recommendation about any particular product. The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs.
Disclaimer: Doorsteps Finance Pty Ltd ACN 648 541 879 (credit representative no.531036) is authorised under Doorsteps Solutions Pty Ltd ACN 654 334 246, Australian Credit Licence 537369. Doorsteps Solutions Pty Ltd ABN 60 654 334 246 and Doorsteps Finance Pty Ltd ABN 27 648 541 879 are not making any suggestion or recommendation about any particular product or service. The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs.
Disclaimer: Doorsteps Finance Pty Ltd ACN 648 541 879 and Doorsteps Solutions Pty Ltd ACN 654 334 246, Australian Credit Licence 537369 are wholly owned by OpenAgent Pty Ltd ABN 93 161 595 679 (together, “Doorsteps”). Doorsteps are not making any suggestion or recommendation about any particular product or service.
Disclaimer: Property reports contain property estimate data and information provided by RP Data Pty Ltd trading as CoreLogic Asia Pacific ABN 57 087 759 171 (CoreLogic) and OpenAgent Pty Ltd, which is general in nature. It is not a professional property valuation or advice to be relied upon. The actual market value of the subject property may differ. We and CoreLogic do not warrant the accuracy, currency or completeness of the data and information to the full extent permitted by law, each excludes all loss or damage howsoever arising (including through negligence) in connection with the information. You rely on the property estimate at your own risk.
