According to statistics released by the Australian Bureau of Statistics and published by the Real Estate Institute of Australia, roughly 13,903 estate agents do business in the state of Victoria, working for 6,955 real estate establishments.
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Modern real estate in Geelong
The 2016 census found that Geelong is made up of 102,639 private dwellings. The majority of these (86.6%) are separate houses, with 9.9% and 2.6% of these being semi-detached houses and flats or apartments respectively.
In 2017, Geelong was one of the strongest performing regional markets. The city has seen strong growth in its property market of late, and experts believe that this is a trend that will continue for some time.
Commission structures in Geelong can be divided into fixed or tiered commission, according to the terms that are negotiated with the real estate agent. The agent commission rate in Geelong is 2.23% on average, but commission rates may vary.
A smart city to watch
“Fifty years ago Australia rode on the sheep’s back and wool was worth a pound a pound and no one could think beyond that, could they? No one could have imagined this wonderful new economy that we’ve grown based on other resources.”
– Tim Flannery
Known as the Gateway City because of its central location to surrounding Victorian regional centres, Geelong is the second-largest city in the state of Victoria.
The area surrounding the city was first surveyed three weeks after Melbourne in 1838, and its post office opened in June 1840. It was during this time, and as a result of European settlement that wool production first emerged in the region, and for many years Geelong was known as the wool centre of the world.
Later, Geelong would diversify into manufacturing, becoming one of the largest manufacturing centres in the country, with industries such as ropeworks, wool and paper mills.