Media Release – Price Expectation Report – Oct -Dec 2020
Aussie Property Sale Happiness Reaches Historic High
– Market Satisfaction Set to Boom in 2021
- Nationally, vendor sale price happiness is up 4% in the last 12 months despite COVID-19 pandemic
- Preliminary data for Q1 2021 shows vendor happiness is at 56% – the highest sale price satisfaction result reported
- Seller happiness has recovered, increasing by 10% since Q2 2020 (41%), compared to Q4 2020 (51%)
- ACT has overtaken Tasmania as Australia’s happiest state
- Australia’s happiest and unhappiest areas revealed
22 February 2021: National research of more than 51,500 Australians by RateMyAgent – Australia’s number one reviews website and provider of digital marketing solutions for real estate agents and mortgage brokers – has revealed Aussies are rising in happiness when it comes to property sale price expectations, with seller satisfaction rising 10% since Q2, 2020 – consistent with industry predictions of a 2021 property market boom.
The largest survey of its kind, RateMyAgent’s quarterly Price Expectation Report (October – December 2020) asked successful vendors if the sale price achieved was above, below or in line with their expectations – and results showed a significant increase in overall national satisfaction with happiness increasing from 47% in Q4 2019 to 51% in Q4 2020, indicative of a strong recovery trend post COVID-19.
The satisfaction increase comes despite a significant slump in Q2 2020, where overall vendor happiness dropped from 48% to 41% – due to increased uncertainty around the national COVID-19 restrictions. Despite the 7% fall in Q2 2020, happiness has since rebounded by 15% in early 2021, and is up 10% since the fourth quarter of 2020.
Australia’s regional areas reported slightly higher levels (52%) of sale price satisfaction than metro sellers (50%) in the fourth quarter of 2020. This trend followed from the third quarter of 2020, where regional sellers were significantly happier with the sale price achieved.
Preliminary data for the first quarter of 2021 indicates national vendor happiness is currently at 56% – the highest result reported since 2018 (25% increase). Mark Armstrong anticipates this trend will continue throughout the year.
Mark Armstrong, co-founder and executive director at RateMyAgent said, “Our latest Price Expectation Report shows just how remarkably the property market has recovered since the beginning of the pandemic. 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, we’re forecasting a 10–20% 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. 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.”
A 12-month increase in happiness is being seen nationwide, but perhaps most significantly, across the Australian Capital Territory market (66%) overtaking Tasmania (60%) this quarter as Australia’s happiest. Following are South Australia (57%) and Victoria (54%). Falling to the bottom of the ladder are New South Wales (51%), Queensland (48%) and Western Australia (43%).
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.
The report went on to find net happiness levels have improved across all states in the 12 months to December 2020 – highlighting a positive upturn in the Australian property market for the year ahead.
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.
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For more information:
Alex Fraser, alex.fraser@elevenpr.com.au, 0447 464 196
About RateMyAgent
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). 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 51,516 participants who sold a property in Australia between October 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
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%
Top 10 Unhappiest Areas in Australia:
- North Queensland (QLD) – 31%
- South West (WA) – 36%
- Wide Bay-Burnett (QLD) – 36%
- Far North Queensland (QLD) – 36%
- Central (SA) – 37%
- Goldfields (W9) – 37%
- Peel (WA) – 39%
- Inner Sydney (NSW) – 40%
- Southern Melbourne (VIC) – 40%
- Northern (NSW) – 43%
