'Record sales' mean that a property sold for a high price in a local suburb. That does not necessarily mean that the owner themselves received a record amount in their pocket for their home.

We advise people looking to sell to ask prospective agents how much owners received in their past sales. If a home sells for $10,000 more than another equivalent in the neighbourhood but the owner has a $15,000 commission and advertising bill rather than a $3,000 bill the record sale has benefited no one but the agent and done nothing for housing affordability.

For example consider the following two properties:

Which is really the record sale?

This to us, is just another reason as to why we should all push for more transparency in real estate costs. Yes, the market is changing and more agencies are beginning to advertise "flat rate" costs. But real estate would have to be one of the few professions left in which agents seem at times embarrassed or perhaps secretive about costs upon initial contact. These costs must of course be fully disclosed before an agency agreement is signed but until then be sure to ask about costs that may be incurred in addition to commission such as advertising.