Does the cost of selling a house increase the longer the sale process goes on?

No – real estate agents are not usually paid on a time-based scale. The average time to sell a house in Australia is around 30 days, with settlement periods ranging from 30 to 120 days.

Does capital gains tax apply to all house sales?

No – if your home has been your primary place of residence, you aren’t required to pay capital gains tax. However, you are eligible to pay CGT if you sell your investment property and make a capital gain on your investment. You’re taxed on 50% of your capital gain at your normal income tax bracket rate.

Will the cost of selling my property change if it’s an apartment or unit?

Yes – there may be additional sales costs if you’re selling an apartment or unit which is part of a larger building, housing complex or apartment block. Your unit may have a strata title, which means you own the actual apartment, but share communal areas such as foyers, stairways, lifts, gardens and swimming pools with multiple other part-owners.

Do I get any refund on the annual emergency services levy I paid just before I sold my house?

Yes – your conveyancer will investigate all such annual charges in relation to your property and make adjustments so you only pay for the days you owned the house. For example, if you’ve just paid your annual emergency services levy for a 12-month period and you sell your house one month later, you’ll receive a refund for the remaining 11 months you paid.

Do I have to arrange water disconnection when I sell my house?

No – water is not actually disconnected to a property under normal circumstances if a house is sold. Your conveyancer will work out exactly how much water supply and usage costs you’re responsible for and show the amount you’ve either paid or been refunded on your settlement statement.

When should I arrange cancellation of my house insurance when I sell my house?

You’re liable for insuring your home and contents up to and including the day of settlement. Once property settlement takes place, the house officially belongs to the buyer and it becomes the buyer’s responsibility to insure the property. There are no fees involved in cancelling your house insurance.

Do utility providers charge to disconnect electricity and gas?

Yes – there’s usually a small disconnection fee for electricity and gas supplied to your home. These fees are usually under $30, depending on which state you live in and which utility provider supplies your gas and electricity.