- Seller satisfaction with prices achieved rose 10% in 2020
- A “strong recovery, post COVID” was put down as the main reason
- The happiest place was The Mallee in northwestern Victoria
Research findings from more than 50,000 Australian property sellers by agent review site RateMyAgent has found that they are happier than ever.
Seller satisfaction with prices achieved rose 10% to 51% over the last half to calendar year 2020 in the ‘Price Expectation Report’.
A “strong recovery, post-COVID” was put down as the main reason, with the survey citing the beginnings of a property boom, which saw vendors achieving prices at or above their expectations.
Whether buyers are as happy and excited is not recorded. Overall national satisfaction reached 51%, up from the fourth quarter of 2019, a year earlier.
Not surprisingly, the happiness rating had dipped during the early months of the pandemic, as the property market stalled. Vendor happiness dropped to 41% in mid-2020.
Allied to our reporting of higher regional price increases across the country, happiness levels were slightly higher (52%) in country areas.
“Our latest Price Expectation Report shows just how remarkably the property market has recovered since the beginning of the pandemic,” said co-founder of RateMyAgent, Mark Armstrong.
“The end of 2020 saw buyer confidence return – and we anticipate this will carry into the first half of 2021. We’ve got an incredible combination of strong buyer demand, a significant increase in supply and historically low interest rates.”
Looking ahead, Mr Armstrong forecasted a 10% to 20% increase in the number of properties entering the market for sale in 2021, particularly in the second half of the year.
“Our advice to Australians who are thinking of selling is to sell now,” he said. “The spring market will see a significant increase in the number of properties on the market and this will soften vendor happiness and prices. For buyers, the second half of the year will see some fantastic opportunities.”
Taking out the title of Australia’s happiest region is The Mallee, Victoria, reaffirming a strong surge in vendor satisfaction across regional Australia.
In the top 10 happiest places nationally, Victoria has taken out the most regions (four), followed by Australian Capital Territory (two) and Tasmania (one). New South Wales, Queensland and South Australia each had one region land in the top 10.
Top 10 Happiest Areas in Australia:
- The Mallee (VIC) – 70%
- Hobart (TAS) – 67%
- Richmond-Tweed (QLD) – 66%
- Canberra Region (ACT) – 64%
- Canberra (ACT) – 64%
- The Riverina (NSW) – 62%
- Metropolitan Adelaide (SA) – 61%
- Outer East Melbourne (VIC) – 59%
- Central Highlands and Goldfields (VIC) – 58%
- Outer North Melbourne (VIC) – 58%
The report went on to find net happiness levels have improved across all states in the year to December 2020, highlighting a positive upturn in the Australian property market for 2021.