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Victoria emerges as Australia’s happiest state – real estate report

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Victoria emerges as Australia’s happiest state – real estate report

by Bianca Dabu 27 February 2020 1 minute read

The latest national report on seller happiness found the areas exhibiting the highest rate of seller happiness across Australia, ultimately manifested by a steady upturn in the property market.

Melbourne suburbs
February 27, 2020

RateMyAgent surveyed more than 40,000 Australians and revealed that Australians across the country are experiencing a general rise in happiness as seller satisfaction doubles nationwide.

The latest Price Expectation Report, which tracked sellers’ expectations versus actual sale prices from July to December 2019, showed a significant increase in overall national satisfaction, with net happiness doubling from 20 per cent in December 2018 to 41 per cent in December 2019.

This rapid increase was led by an explosive recovery in metropolitan Melbourne and Sydney, with both cities’ satisfaction rates rising five to six times higher in just 12 months.

RateMyAgent’s CEO Mark Armstrong said: “Our Price Expectation Report shows just how far the property market has recovered, with happiness doubling in the year nationally, strong gains in metro areas and a surging Victorian market leading the charge. As we look to the year ahead there are plenty of reasons for optimism.”

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As the market recovers from a significant slump in December 2018, overall vendor happiness nationwide is on a steady month-on-month upward trajectory.

The peak in happiness was seen most significantly across the Victorian market, with the state (55 per cent) overtaking Tasmania (51 per cent) this quarter as Australia’s happiest state.

Apart from leading in seller satisfaction, Victoria’s Melbourne also has the second-highest median price in Australia, giving buyers the confidence to venture to Melbourne’s fringes, which are expected to display accelerated growth moving forward.

“Here, buyers have so much more opportunity to purchase a quality home for a fraction of what they would otherwise be paying,” Leading Real Estate’s Adam Sacco highlighted.

Closely following Victoria are NSW (50 per cent) and ACT (48 per cent). On the other hand, falling to the bottom of the ladder are South Australia (42 per cent), Queensland (38 per cent) and Western Australia (33 per cent).

In the top 20 happiest places nationally, Victoria has taken out the most regions (11), followed by NSW (seven) and Tasmania (two). Victoria holds six of the top 10 regions nationally.

Taking out the title of Australia’s happiest region is Southern Melbourne, reaffirming a strong surge in vendor satisfaction across metro Australia. This upward trend in seller satisfaction across Victoria and NSW has seen seven regions leapfrog Hobart, previously the happiest region in Australia.

According to the report, the overall improvement in net happiness levels across all states and across all property values in both metro and regional areas ultimately highlights a positive upturn in the Australian property market.

Top 10 happiest areas in Australia:

  1. Southern Melbourne, Victoria (68 per cent net above)
  2. The Mallee, Victoria (62 per cent net above)
  3. Eastern Melbourne, Victoria (60 per cent net above)
  4. Inner West Sydney, NSW (59 per cent net above)
  5. Outer East Melbourne, Victoria (58 per cent net above)
  6. Northern Melbourne, Victoria (57 per cent net above)
  7. Inner Melbourne, Victoria (57 per cent net above)
  8. Hobart, Tasmania (56 per cent net above)
  9. North Shore Sydney, NSW (55 per cent net above)
  10. Inner Sydney, NSW (55 per cent net above)
Victoria emerges as Australia’s happiest state – real estate report
Melbourne suburbs
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Bianca Dabu

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