Where are property sellers happiest?
National research by RateMyAgent has revealed that national vendor sale price happiness increased by 4 per cent from Q2 to Q3 2020. Where are sellers most satisfied?
Nationally, results showed an increase in satisfaction from Q2 2020 with overall net happiness at 40 per cent, up 4 per cent from June 2020 (36 per cent).
Further, RateMyAgent found that Aussie vendors in regional areas are reporting higher seller satisfaction results compared with their metro counterparts – a trend consistent with industry predictions of a regional property boom.
With more than 20,000 respondents, RateMyAgent’s quarterly Q3 2020 Price Expectation Report (July to September) asked successful vendors if the sale price achieved was above, below or in line with their expectations.
Compared with 39 per cent in metro areas, Aussies in country towns are seeing properties sell for above-expectation prices, with 41 per cent of vendors receiving a better sale price than expected – a 6 per cent growth on happiness from Q2 (April to June) 2020.
Growth in regional areas is most prominent in Victoria (45 per cent) and NSW (42 per cent), with both regions reporting higher price statistic results compared with metropolitan areas in Greater Melbourne (39 per cent) and Sydney (38 per cent).
This increasing trend comes after seller satisfaction dropped in the first half of the year, with vendor happiness decreasing 5 per cent between Q1 and Q2 2020 as a result of the economic downturn and uncertainty due to the global pandemic.
The bounceback in price satisfaction was led by the stability of markets in the ACT (54 per cent), Tasmania (53 per cent) and South Australia (45 per cent), with the three regions seeing between 7 per cent and 11 per cent overall increase in seller satisfaction.
According to RateMyAgent co-founder Mark Armstrong: “This Price Expectation Report shows a good recovery trend for the regional Australian property market, despite continued economic uncertainty.
“Agents and vendors in regional markets should welcome 2021 and the spring/summer sales season with high levels of optimism as potential buyers look for a tree or sea change in response to government incentives, Reserve Bank of Australia interest rate cuts and high returns.”
Happiest states and territories
The Q3 results revealed the ACT as the happiest state/territory (54 per cent), with second place going to Tasmania (53 per cent).
Following the top two were South Australia (45 per cent), Victoria (41 per cent), NSW (40 per cent), Queensland (38 per cent) and Western Australia (34 per cent).
“The ACT has consistently remained a leading market in terms of price expectation during 2020. The market’s stability is attributed to the stable government workforce and rising house prices,” Mr Armstrong said.
Zooming into areas, Hobart (61 per cent) took out the title of Australia’s happiest region – solidifying the region’s status for the second time this year.
In the top 20 happiest places nationally, Victoria took out the most regions (seven), followed by NSW (six) and Tasmania (four). Victoria also holds three of the top 10 regions nationally – The Mallee, North East Victoria, Wimmera and Western Melbourne.
“The restrictions on inspections and an unstable market in Victoria during Q3 saw many sellers hold on placing their homes on the market. This saw a decrease in supply of properties on the market and in turn saw prices increase – this is reflected in the high price satisfaction results in regions across Victoria.”
Australia’s Happiest Regions – Q3 2020
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