Aussie Home Seller Happiness Drops For Second Quarter in a Row
- Vendor sale price satisfaction is down 8% from this time last year
- Vendor happiness is at 55% – dropping 4% since the January–March period of this year
- South Australia is home to Australia’s happiest home sellers, overtaking Tasmania
- WA seller happiness tops New South Wales and Victoria for the first time ever
- Australia’s happiest and unhappiest areas revealed
8 August 2022: National research of more than 15,541 Australians by RateMyAgent – Australia’s number one real estate agent reviews website – has revealed Aussie property seller happiness has decreased to 55% in the April–June quarter, with national sale price satisfaction 8% lower than this time last year.
The report marks the second quarterly drop in satisfaction since the beginning of the pandemic – with the downward trend anticipated to continue throughout the remainder of the year. Data for the first and second quarters of 2022 indicate the market has officially surpassed its peak and is continuing to decrease.
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.
The largest survey of its kind, RateMyAgent’s quarterly Price Expectation Report (April–June 2022) asked successful vendors if the sale price achieved was above, below or in line with their expectations.
Results showed seller satisfaction was at 55% in the second quarter of 2022, a decrease of 4% since the first quarter of the year and a decrease of 8% from a record-breaking high in December 2021.
The decrease in sale price satisfaction is being seen most prominently across Victoria, New South Wales and Tasmania. Despite the national drop, happiness has risen in Queensland, Western Australia and South Australia when compared to this time last year.
Sale price satisfaction across both metro and regional markets has tumbled again since the first three months of 2022. Happiness in regional areas was at 62% in the first quarter of 2022 and has decreased to 57% this April–June quarter. The drop is indicative of a cooling regional market (which saw exponential sale price growth during the pandemic).
Happiness in metro areas is currently 54% – a drop of 4% compared to the first three months of 2022 and a drop of 9% since this time in 2021. Australia’s regional sellers reported higher levels (57%) of sale price satisfaction than metro sellers (53%) in the second quarter of 2022.
Michael Davey, CEO of RateMyAgent anticipates this downward trend will continue as interest rates continue to increase and mortgage repayments are set to follow.
Michael said, “After two years of surging home sale prices across Australia, the property market is well and truly correcting itself with prices and demand falling nationwide. This year has now seen two consecutive quarterly drops in seller satisfaction – underpinning the fact that homes aren’t selling for record-high prices as was seen throughout 2021.
“With multiple interest rate increases set to roll out over the next 12 months, we anticipate this downward trend in sale price satisfaction will continue throughout the year. Higher interest rates also mean Australians won’t be able to access the same size of loan as in recent years, which will ultimately drive prices down due to less demand.”
South Australia (70%) is currently Australia’s happiest state for vendors and has overtaken Tasmania (63%) for the first time. Queensland remains in third place at (62%), followed by Western Australia which has historically surpassed Victoria (52%) and New South Wales (49%).
Taking out the title of Australia’s happiest region is Metropolitan Adelaide (75%), indicative of a strong surge in sale price satisfaction in South Australia.
Australia’s happiest regions for home sellers in the second quarter of 2022 are Metropolitan Adelaide (1), South-East Tasmania (2), North Western NSW (3), Northeast VIC, The Mallee VIC, Regional Southeast QLD (tied 4), Central SA and Hobart (tied 5), Northwest TAS (6), Central West NSW, South West QLD, Murray Valley SA (tied 7), Eyre Peninsula (SA), Darling Downs QLD and Metro South East QLD (tied 8), Southeast SA and Western District VIC (tied 9) and Great Southern WA (10).
Australia’s unhappiest regions for home sellers in the second quarter of 2022 are North West Queensland (1), North Shore NSW and Goldfields WA (tied 2), The Hills District NSW (3), Inner Melbourne (4), Inner West Sydney (5), Eastern Suburbs Sydney (6), Eastern Melbourne and Inner Sydney (tied 7), North Queensland (8), Wimmera VIC (9) and Southern Sydney (10).
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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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 properties 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 comprises research conducted by RateMyAgent from 15,541 participants who sold a property in Australia between April and June 2022. Respondents were asked one question – was the sale price achieved above, below or in line with your expectations.
Australia’s Happiest States – Report Findings
National satisfaction
2022 Q2 vs 2022 Q1 vs 2021 Q2
- 2022 Q2 happiness: 55%
- 2022 Q1 happiness: 59%
- 2021 Q2 happiness: 63%
Regional vs Metro
2022 Q2
-
- Metro happiness: 54%
- Regional happiness: 57%
2022 Q1
- Metro happiness: 63%
- Regional happiness: 63%
2021 Q1
- Metro happiness: 58%
- Regional happiness: 62%
Happiest Cities for home sellers
- Perth: 49%
- Adelaide: 46%
- Brisbane: 37%
- Melbourne: 35%
- Sydney: 26%
Happiest State
2022 Q2
- South Australia: 70%
- Tasmania: 63%
- Queensland: 62%
- Western Australia: 56%
- Victoria: 52%
- New South Wales: 49%
2022 Q1
- Tasmania: 71%
- South Australia: 68%
- Queensland: 66%
- New South Wales: 56%
- Victoria: 56%
- Western Australia: 53%
2021 Q2
- Tasmania: 74%
- South Australia: 67%
- New South Wales: 64%
- Victoria: 62%
- Queensland: 61%
- Western Australia: 55%
Happiest Regions in Australia
- Metropolitan Adelaide (SA): 75%
- South-east (TAS): 69%
- North Western (NSW): 67%
- Northeast (VIC), The Mallee (VIC), and South East Queensland (Metro) (QLD): 66%
- Central (SA) and Hobart (TAS): 65%
- North-west and west (TAS) 64%
- Central West (NSW), South West Queensland (QLD), Murray Mallee (SA): 63%
- Eyre Peninsula (SA), Darling Downs (QLD), and South East Queensland (Regional) (QLD): 62%
- Southeast (SA) and Western District (VIC): 61%
- Great Southern (WA): 60
Unhappiest Regions in Australia
- North West Queensland (QLD): 36%
- North Shore (NSW) and Goldfields (WA): 37%
- The Hills District (NSW): 39%
- Inner Melbourne (VIC): 41%
- Inner West Sydney (NSW): 42%
- Eastern Suburbs Sydney (NSW): 43%
- Eastern Melbourne (VIC) and Inner Sydney (NSW): 44%
- North Queensland (QLD): 45%
- Wimmera (VIC): 46%
- Southern Sydney (NSW): 47%
Happiest Local Government Areas in Australia
- Onkaparinga (SA): 92%
- Burnside (SA): 85%
- Mitcham (SA): 81%
- Wodonga (VIC) and Light (SA): 79%
- Ipswich (QLD) and Parkes (NSW): 78%
Onkaparinga (SA) has landed the top spot two quarters in a row.
Unhappiest Local Government Areas in Australia
- Stonnington (VIC): 20%
- Willoughby (NSW): 23%
- Yarra (VIC): 25%
- Brimbank (VIC): 31%
- Hornsby (NSW), Northern Beaches (NSW), and Strathbogie (VIC): 33%
Queensland Top 10
- Ipswich: 78%
- Logan: 71%
- Moreton Bay and Somerset: 66%
- Cairns: 65%
- Scenic Rim, Lockyer Valley, and Sunshine Coast: 64%
- Gladstone and Maranoa: 63%
- Toowoomba: 62%
- Fraser Coast and Gold Coast: 61%
- Brisbane: 60%
- Redland: 58%
Victoria Top 10
- Wodonga: 79%
- Bayside: 75%
- Towong: 74%
- Baw Baw: 67%
- Mildura: 66%
- Mitchell and Greater Shepparton: 65%
- Pyrenees and Moyne: 64%
- Bass Coast and Mansfield: 63%
- Surf Coast, Nillumbik, Nillumbik, and Moira : 62%
- Colac-Otway: 61%
New South Wales Top 10
- Parkes: 78%
- Weddin: 76%
- Oberon and Wagga Wagga: 73%
- Snowy Valleys, Muswellbrook, and Cessnock: 69%
- Mid-Western, Narromine, and Upper Lachlan: 68%
- Wollondilly: 65%
- Port Macquarie-Hastings, Burwood, Byron, and Tenterfield: 62%
- Maitland and Wingecarribee: 61%
- Tweed, Wollongong, Eurobodalla, Liverpool Plains, Narrabri: 59%
- Clarence Valley: 58%
Tasmania Top 5
- Clarence: 75%
- Sorell: 71%
- Derwent Valley: 70%
- Glenorchy: 68%
- Tasman: 67%
South Australia Top 5
- Onkaparinga: 92%
- Burnside: 85%
- Mitcham: 81%
- Light: 79%
- Marion: 77%
Western Australia Top 5:
- Nannup: 71%
- Mundaring: 70%
- Fremantle: 64%
- Busselton and Rockingham: 63%
- Serpentine-Jarrahdale: 62%
