Real Estate Agents In Melbourne

There are over 2,900 agencies currently operating in Melbourne, including everything from well-known franchise brands to lesser-known independent agencies. Their local experience and service offerings can vary dramatically. To be sure you select the best brand for you, it is important to speak with agents from 2 or 3 agencies to understand the differences in experience, service and cost.

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Below is our list of the top-selling agencies located in Melbourne. To generate this ranking, we looked at the total value of sales conducted by each agency over the past 12 months. This doesn’t mean they’re the best! To see who is experienced in your area, click here.

Individual agent performance within an agency can vary significantly. Most agents have a core focus (e.g. apartments within a particular postcode) and even if you are set on the agency you would like to use, it’s just as important to ensure that you select the individual agent that is most-suited to sell your property.

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Some things to keep in mind: the agent should be focused on selling property in your suburb, experienced at selling homes like yours, have a track record of successful negotiations and have character traits that work well with you and prospective buyers.

Below is a list of the top-selling individual agents located in Melbourne. To generate this ranking, we examined volume of sales conducted in the 2019 calendar year by each individual agent.

To start to create your shortlist of top agents in your area, click here.

There are lots of articles out there claiming to have the most up-to-date information on the performance of the property market in Melbourne – and the general consensus can even change daily.

We’ve tried to simplify things and believe there are 3 key metrics that provide a clear picture on where things currently sit.  They are:

1. How many listed properties are actually selling (a rough indicator is auction clearance rates),
2. How long it is taking for them to sell (days on market) and finally,
3. What level of discounting is required to secure a sale.

Current CoreLogic data on these three areas is outlined below and compares Melbourne with the rest of the country.

Days on Market

Days on market is the time it takes to sell a property, from when it is first listed to when it is listed as sold.

In the 3 months to October, Australian properties typically took 29 days to sell , compared with 39 days over the same period of 2020.

Melbourne’s days on market is 33 days, an improvement from last year when it took 40 days to sell the property.

Source: Corelogic – Property market chart pack.

Vendor Discounting

A vendor discount is the difference between the original listing price and the final selling price, usually expressed as a negative percentage rate. A smaller vendor discount indicates that the market is in a seller’s favour.

Vendor discounting remains extremely tight nationally, at 2.9% in the three months to October, compared with 3.6% in the same period of 2020. However in Melbourne it was -2.5%, an improvement to the same period last year when it was at -3.2%.

Source: Corelogic – Property market chart pack.

Auction Clearance Rates Melbourne

The below chart shows Melbourne’s auction clearance rates. It is a useful indicator as to the health of the market and the competition to buy a property. Generally, if clearance rates are 70% or higher prices will be increasing. If significantly below this, then it is considered a buyers market as there isn’t as much competition and may indicate prices may be falling.

Whilst we believe that selecting the right agent vs. an agent inexperienced at selling property like yours can cost you tens of thousands of dollars (hundreds of thousands in some cases) we are the first to admit that there are some things that an agent can’t control.

Depending on your circumstances, these broader market factors should be considered when deciding when to sell your property.

We’ve looked through CoreLogic’s data, one of Australia’s leading property data providers, to give you these property market data insights.

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CoreLogic also produce small monthly update videos for each capital city’s property market. We’ve placed the Melbourne housing market update playlist below.

When you’ve decided on your agent and understand the market you’re about to sell into, the next question on most people’s minds is, “how much will it cost to sell my property?”

The main costs when selling a property in Melbourne are:

1. Marketing Costs: advertising fees are usually paid up-front, but it can be negotiable based on your personal situation. Just to advertise your property online, expect to pay $300 at the cheapest and $500-$2000+ for premium advertising tiers, which involve extra photo slots and larger ads. Don’t forget that online advertising is just one part of marketing your property. Remember to factor in fees for the auctioneer, newspapers, photography and even the signboard out front.
2. Agent Commission: this is finalised at the time of agent appointment and paid upon settlement. Agent fees generally range between 1.6% to 3.5%, depending on location, property value and commission structure.  If you would like to see average fees per postcode, look here. Remember, fees vary by postcode. For example, in the past, we’ve seen properties sold in Sunbury at an average 2.4% agent commission, but Prahran was closer to the 2% mark.
3. Conveyancing/Solicitor fees: conveyancers prepare the contract for sale and manage the settlement process. Conveyancing fees in Melbourne usually range between $700 to $1300. The final amount will depend on whether you hire a conveyancer or solicitor, and if they have to conduct additional searches.

We are believers in ‘you get what you pay for’. If you skimp on marketing, fewer people will see your property and it will be harder for the agent to create competition amongst buyers.

As for the commission, we certainly agree that you should negotiate, and talking to two or three agents will help you understand what is reasonable commission to pay for the sale of your home.

One question to ask yourself though,

“Can you be confident that the agent who dropped their commission to secure your listing will be best-equipped to negotiate seriously with the buyer?”

For further information see our article on agent fees in Victoria.

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Melbourne is the capital of Victoria, Australia. Considered one of the most livable cities in the world and a city of culture, real estate in Melbourne can come at a premium. The Yarra River runs through the city and out into Port Phillip Bay, giving potential for river- and beach-view properties, especially in Port Melbourne.

Melbourne has a central CBD that features the largest tram network in the world. Inner-city suburbs like Southbank and the Docklands feature large developments with high-class apartments and units.

Following the Yarra River west, Melbourne’s west features Yarraville, Newport and Footscray, while Brunswick, Essendon and Preston lie to the immediate north. To the CBD’s east is Richmond, Prahran and Toorak. These inner suburbs are increasingly gentrifying and despite the downturn in property values, there are pockets of growth.

Melbourne is also split further into the eastern suburbs, western suburbs, northern suburbs and south-eastern suburbs, each featuring their own style, history and real estate landscape. Out here you will find hot property markets in Northcote, the Bayside area, Hawthorn and Coburg.

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Real estate agents in Melbourne, Victoria have had to contend with property price falls recently. This makes it more important than ever to hire an agent based on local area knowledge and past experience to justify their commission and avoid dodgy sales tactics. You can start your search with us to get a good idea of the top-performing agents in your area when selling.