23 November 2020: National research by RateMyAgent – Australia’s number one reviews, ratings and rankings website for real estate agents and mortgage brokers – has today revealed Aussie vendors in regional areas are reporting higher seller satisfaction results compared to their metro counterparts, 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) asks successful vendors if the sale price achieved was above, below or in line with their expectations.
Compared to 39% in metro areas Aussies, in country towns are seeing properties sell for above-expectation prices with 41% of vendors receiving a better sale price than expected – a six per cent growth on happiness from Q2 (April to June) 2020.
Growth in regional areas is seen prominently in Victoria (45%) and New South Wales (42%), with both regions reporting higher price statistic results compared to metropolitan areas in Greater Melbourne (39%) and Sydney (38%).
Nationally, results showed an increase in satisfaction from Q2 2020 with overall net happiness 40%, up four per cent from June 2020 (36%).
This increasing trend comes after seller satisfaction dropped in the first half of the year, with vendor happiness decreasing five per cent between Q1 and Q2 2020, in response to economic downturn and uncertainty due to the global pandemic.
The bounce back in price satisfaction was led by the stability of markets in the ACT (54%), Tasmania (53%) and South Australia (45%), with the three regions seeing between seven per cent and 11% overall increase in seller satisfaction.
Mark Armstrong, Executive Director and Co-Founder of RateMyAgent said, “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.”
The Q3 results reveal the ACT as the happiest state/territory (54%) with second place going to Tasmania (53%). The top two were followed by South Australia (45%), Victoria (41%), New South Wales (40%), Queensland (38%) and Western Australia (34%).
“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,” said Armstrong.
Despite the ACT’s strong vendor satisfaction, it was Hobart (61%) that 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 New South Wales (six) and Tasmania (four). Victoria also holds three of the top 10 regions nationally – The Mallee, North East Victoria, Wimmera and Western Melbourne.
Armstrong added, “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.”
RateMyAgent provides reviews, ratings, rankings and digital marketing solutions for real estate agents and mortgage brokers in Australia. The website’s 850,000+ verified reviews are attached to the property sale transaction, ensuring that the information provided is unique to the agent and from a genuine property seller or buyer.
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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 850,000 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).
About the RateMyAgent Price Expectation Report
This RateMyAgent Price Expectation Report is comprised of research conducted by RateMyAgent from 20,000 participants who sold a property in Australia between July and September 2020. Respondents were asked one question – was the sale price achieved above, below or in line with your expectations.
Key Findings – RateMyAgent Price Expectation Report
Net Happiness Q2 v Q3 2020
Net happiness is calculated by asking vendors if their sale price is above, in line with, or below expectations. Above expectation, results equate with happy vendors, and below expectation results with unhappy vendors.
Australia’s Happiest Areas – Q3 2020
Australia’s Unhappiest Areas – Q3 2020