Aussie Sale Price Satisfaction Hits Record
High as Property Market Holds Firm
15 March 2022: National research of more than 55,000 Australians by RateMyAgent – Australia’s number one real estate agent reviews website – has revealed Aussie property sellers are happier than ever with seller satisfaction rising 15% year-on-year. Vendor happiness is currently at its highest level ever reported – with 2-in-3 sellers achieving above expectation property sale prices.
The largest survey of its kind, RateMyAgent’s half-yearly Price Expectation Report (June – December 2021) asked successful vendors if the sale price achieved was above, below or in line with their expectations.
Results showed seller satisfaction was at an all-time high of 63% in December 2021, an increase of 15% since the same time last year (48%).
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 significant house price increases across the country.
A year-on-year increase in happiness is being seen across all states, but perhaps most significantly across Queensland. Queensland (66%) – previously the second last happiest state this time last year – has surpassed New South Wales (65%) and Victoria (61%), to become the third happiest state in the country. The results are in line with a booming Queensland property market, with happiness increasing by 20% since the same period in 2020. However, Tasmania (77%) remains Australia’s happiest state for home sellers.
Western Australia (53%) remains at the bottom of the leaderboard, but most surprisingly Victoria (61%) recorded its lowest ever ranking in the Price Expectation Report. The results are in line with a notable drop in sale price satisfaction in Victoria, primarily across Melbourne’s inner city and eastern suburbs.
Australia’s regional areas reported higher levels (65%) of sale price satisfaction than metro sellers (62%) in the second half of 2021. The increase comes as sharp rises in home values across regional areas show no signs of slowing down as city buyers descend on the country.
Sale price satisfaction across both metro and regional markets has risen sharply year-on-year. Happiness in metro areas was at 42% in the second half of 2020 and increased to 62% in the same period in 2021. Following a similar trajectory, happiness in regional areas was at 42% in the June to December period of 2020 and increased to 65% in 2021.
Data for the second half of 2021 indicates national vendor happiness has retained an all-time high throughout the last six months. Michael Davey anticipates this trend will slow down as we head into an election year.
Michael Davey, CEO of RateMyAgent said, “All signs are displaying that the market is cooling, with the prospect of interest rate rises slowly putting a dampener on the growth we’ve seen over the past two years. We anticipate that this peak period of vendor price happiness will soften as the market adjusts to a different environment and the early signs we are seeing seem to confirm this.”
“The looming interest rate increase paired with the uncertainty of a federal election will undoubtedly cool demand for property across major metro markets this year. The slowdown is also attributed to an increase in supply – as sellers enter the market with properties and take advantage of record-high sale prices.”
Taking out the title of Australia’s happiest region is Launceston, Tasmania, reaffirming a two-year surge in vendor satisfaction across the state. Results also point to a long-lasting upward trajectory in sale price satisfaction across Australia’s regional markets, with Richmond-Tweed QLD (second), The Mallee VIC (sixth), Goulburn Valley VIC (sixth) and Greater Newcastle and Hunter NSW (tenth) landing in the country’s happiest home seller list.
In the bottom 10 unhappiest places nationally, Western Australia and Victoria have taken out the most regions (three each). New South Wales and South Australia each had one region land in the bottom 10, while Queensland had two.
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 almost one-in-two 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 55,889 participants who sold a property in Australia between June and December 2021 and 18,409 participants who sold a property in Australia between June and December 2020. Respondents were asked one question – was the sale price achieved above, below or in line with your expectations.
Australia’s Happiest States – Report Findings
H2 2021 vs H2 2020
Regional vs Metro
Happiest State H2 2021
Happiest Regions in Australia
Unhappiest Regions in Australia
Happiest Local Government Areas in Australia
Unhappiest Local Government Areas in Australia
Queensland Top 10
Victoria Top 10
New South Wales Top 10
Tasmania Top 3
South Australia Top 5
Western Australia Top 10: