A quick guide to For Sale By Owner NSW rules & regs.
Curious about For Sale By Owner NSW rules and regulations? Want to know whether you can legally sell your own home in NSW and how to go about it?
Selling your home could be the most lucrative financial journey you embark on in your lifetime. Some must make the most of their property investment to fund the next adventure in their lives; for others, it’s a way to build wealth so you can do more of what you want when you want to.
Whatever reason you have for selling your home or residential investment property, it stands to reason you want to wring the most profit possible out of it. An excellent (and relatively easy) way to do that is to sell your property yourself.
We’re glad your curiosity led you here! Read on for our quick rundown on how to list a house for sale by owner in NSW and links to helpful information.
What is the For Sale By Owner NSW selling method (or FSBO for short)?
Just like it sounds, For Sale By Owner (sometimes it’s called ‘No Agent’ Property sales) is the process by which you can sell your property without asking a traditional real estate agent to act as an intermediary.
Essentially, that means you won’t have to pay agent commissions or expensive advertising you don’t need—potentially saving you thousands of dollars.
FSBO doesn’t mean you have to go it completely alone, however. You can employ the services of companies like PropertyNow to give you a helping hand with marketing, step-by-step guides and listing your property for sale.
You can also hire independent experts like a conveyancing solicitor and property valuer to support you on your FSBO adventure (just as you would if you’d hired a real estate agent to manage your home listing and sales process).
Is FSBO legal in NSW?
Yes! It’s absolutely legal to use the For Sale By Owner selling method in NSW to sell your property.
The percentage of owners using the FSBO method is still small in Australia – but that just means the opportunities are currently huge! And, according to RP Data, houses for sale by owner in NSW spent the same amount of time on the market on average as for sale by agent homes, so you’d be using a tried and tested method that works just as well as traditional, agent-led property sales.
How much could I save by choosing the for sale by owner method in NSW?
The NSW market is surging, driven by Sydney’s continued market powerhouse. High competition means agent commissions in Sydney are a little lower than the rest of the state at around 1.84 – 2.0% of your property’s value.
Currently, Sydney’s median house price is $1.3 million—therefore, you’d pay between $23,920 and $26,000 in commissions if you chose to sell via a real estate agent. That’s no small chump change!
(By comparison, PropertyNow gives you all the guidance you need to sell your house yourself for just $694).
And that’s not all. Most agents will also recommend you allocate approximately 1% of your asking price to advertising your home for sale. You pay this on top of your agent commissions. That’s roughly around $13,000 for the median Sydney property.
So, all in all, you could save just under $40,000 using the For Sale By Owner NSW method—if your house is average for the market.
Is FSBO the right choice in NSW? What is the market doing?
Housing markets around Australia continue to surge. Sydney is Australia’s most robust housing market as of June 2021, and that doesn’t look like abating any time soon.
In May 2021, the growth rate for dwelling values was the fastest over three months since 1988, driven by the expensive end of the housing market and property investors.
Historically low interest rates, high consumer confidence and an economy expanding faster than average mean experts expect housing prices to continue rising in 2022.
Sydney’s median house price is now $1.3 million, a jump of $308,000 over the past 12 months, or $843 a day.
Apartments rent for $470 while houses rent for $550. Gross rental yields are lower than 2020, at 2.4% for homes and 3.2% for apartments.
On average, properties for sale spend 24 days on the market compared to 33 on average for the same period last year.
It’s the perfect time to sell by owner in NSW to make the most of your investment.
Take a look at our current FSBO listings.
We know we’re biased, but we think everyone can benefit from For Sale by Owner in NSW. Why? Because it’s straightforward to do with the right advice—and that’s exactly what traditional real estate agencies don’t want you to know.
We’ve built a stellar reputation for helping NSW homeowners sell their properties successfully via the FSBO method. Pick our brains – we’re here to help! Get in touch now.