Aussie Property Sale Happiness Reaches New High
– Market Satisfaction Booms in 2021
2 August 2021: National research of more than 47,609 Australians by RateMyAgent – Australia’s number one reviews website and provider of digital marketing solutions for real estate agents and mortgage brokers – has revealed Aussie property sellers are happier than ever with seller satisfaction rising 18% year-on-year. The data is consistent with increasing home values across Australia during the first half of 2021.
The largest survey of its kind, RateMyAgent’s half-yearly Price Expectation Report (January – June 2021) asked successful vendors if the sale price achieved was above, below or in line with their expectations.
Results showed a significant increase in overall national satisfaction with happiness increasing from 45% in January to June 2020 to 63% in January to June 2021, indicative of a robust sellers’ market.
The satisfaction increase is being seen across the country, with every state reporting significantly higher happiness levels when compared to the same time last year. Report findings are in line with rapidly escalating house prices in Australia, as buyer demand climbs nationwide.
Australia’s regional areas reported the same levels (63%) of sale price satisfaction as metro sellers (63%) in the first half of 2021. The findings come as home values continue to increase across regional areas in 2021, largely driven by sea- and tree-change buyers looking to upsize or escape the city.
Sale price satisfaction across both metro and regional markets has risen sharply year-on-year. Happiness in metro areas was at 46% in the first half of 2020 and increased to 63% in the same period in 2021. Following a similar trajectory, happiness in regional areas was at 42% in the January to June period of 2020 and increased to 63% in 2021.
Data for the first half of 2021 indicates national vendor happiness is on an upward spike. Mark Armstrong anticipates this trend will continue into Spring.
Mark Armstrong, co-founder of RateMyAgent said, “Our latest Price Expectation Report shows just how remarkably the property market has recovered since the beginning of the pandemic. Only 2% of Australian vendors reported sale prices below their expectations in the first half of this year. This is a record result in RateMyAgent’s happiness indices and indicative of the current state of play across the market.”
“This increase in satisfaction is a reflection of the high level of transactions that have taken place this year. In the past six months, transactions are up 69% from the same period last year. Looking ahead, while we are currently at the top of the price expectation cycle, the window for the optimum time to sell will begin to close over the next few months. The Spring market is traditionally the best time to sell, and we expect to see supply of property break records in the second half of the year.”
A year-on-year increase in happiness is being seen across all states, but perhaps most significantly across Tasmania (77%), which remains Australia’s happiest state for home sellers. Victoria (63%) – previously the country’s second happiest state this time last year – has been leapfrogged by South Australia (66%) and New South Wales (65%), who place second and third, respectively.
Western Australia (57%) and Queensland (57%) remain at the bottom of the leaderboard, but have each seen year-on-year increases in happiness of 23% and 15% respectively.
Taking out the title of Australia’s happiest region is Wimmera, Victoria, reaffirming a strong surge in vendor satisfaction across regional Australia. Results also point to a sharp upward trajectory in sale price satisfaction across Australia’s metropolitan regions, with Hobart (second), Adelaide (fifth), Launceston (sixth) and Greater Sydney (ninth) landing in the country’s happiest home seller list.
In the top 10 happiest places nationally, New South Wales and Tasmania have taken out the most regions (three each). Victoria, Queensland and South Australia each had one region land in the top 10. The results point to a strong recovery trend in New South Wales, which had no regions in the top 10 happiest in the second half of 2020.
RateMyAgent provides reviews, ratings and rankings for real estate agents and mortgage brokers in Australia. The website’s one million verified reviews are attached to property sale transactions, ensuring that the information provided is unique to the agent and from a genuine property seller or buyer.
RateMyAgent is Australia’s number one – and most trusted – real estate agent and mortgage broker reviews and ratings website to help consumers connect with trusted and recommended agents and brokers. RateMyAgent also provides digital marketing solutions. With over one million reviews, RateMyAgent is used by agents who sell 80% of property across Australia and counts reviews for one-in-three properties sold nationwide – and reviews can be left by anyone who has sold a property in Australia in the past 12 months. RateMyAgent was founded in 2014 and has been a publicly listed company on the Australian Stock Exchange since 2018 (ASX:RMY), and has a growing presence in both the United States and New Zealand. Follow RateMyAgent on Facebook, Twitter, Instagram, and LinkedIn.
About the RateMyAgent Price Expectation Report:
This RateMyAgent Price Expectation Report is comprised of research conducted by RateMyAgent from 29,200 participants who sold a property in Australia between January and June 2021 and 18,409 participants who sold a property in Australia between January and June 2020. Respondents were asked one question – was the sale price achieved above, below or in line with your expectations.
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