real estate agent fees

Aussies saving thousands by bypassing real estate agent fees

PHOTO: Sydney mum sells $1.5m home on WorkApp to avoid $70k of real estate fees

You can buy a pair of shoes, takeaway pizza, plane tickets and now even houses online.

Australians have begun bypassing traditional real estate agents, choosing instead to list their properties directly on marketplaces like WorkApp and Gumtree.

While there were only a few houses for sale on WorkApp this time last year, today the listings are climbing daily, founder Shane Wallace told Yahoo Finance.

And on Gumtree, a search for ‘house for sale’ shows hundreds of listings.

Sellers are potentially saving thousands of dollars, Wallace said.

Agents can charge as much as 3 per cent in commission, which on the median Sydney price of $970,355 would come to $29,111.

Wallace said that as the Australian property market continues strengthening, sellers are realising they don’t need as much help to sell their property.

For every new listing coming onto the market, there is more than one sale occurring, CoreLogic research director Tim Lawless noted.

“This rapid rate of absorption is keeping advertised inventory levels extremely low, despite the rise in new listings,” Lawless said.

“As a consequence, vendors remain in a strong selling position.”

Katrina Wilks and her pug Louis. (Image: Supplied).
Katrina Wilks and her pug Louis. (Image: Supplied).

Katrina Wilks is one of those sellers.

She chose to list her northern beaches, Sydney property on WorkApp at the beginning of May after a friend of hers successfully sold her property online. She hopes to sell it and then buy her dream home in the Byron Bay hinterland.

“I thought I’d give it a go,” she said.

She’s hoping to get $1.6 million for the three bedroom townhouse with water views.

Katrina Wilks' property. (Image: Supplied).
Katrina Wilks’ property. (Image: Supplied).

Buyers have already sent in five serious offers, but Wilks is happy to wait to see if she can get more.

“The market is just going up so much. I’m pretty confident.”

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