Victorian home sellers are no longer the nation’s happiest, with Tassie taking the title amid our state capital’s price slump.
But vendors in regional areas — led by Moorabool Shire, the Surf Coast and Greater Geelong — and a handful of Melbourne regions remain buoyant, according to new research from RateMyAgent.
The real estate ratings site asked more than 36,000 successful sellers across Australia over the nine months to December 31 whether the price achieved was above, in line or below their expectations.
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A resounding 56 per cent of homeowners who sold in Moorabool Shire — the municipality between Ballarat and Melton, containing Bacchus Marsh and Ballan — said their sale price exceeded their hopes.
A further 43 per cent fetched prices in line with their expectations, and just 1 per cent below, to make the region Victoria’s happiest for vendors — and the nation’s second happiest behind Hobart municipality Clarence.
The Surf Coast Shire also had a high happiness rate, with 54 per cent reporting selling above their expectations and 42 per cent achieving in line with them. It was followed by Geelong, with 49 per cent and 44 per cent respectively.
Other vendor-happy regional spots revealed by the survey were the Macedon Ranges, Gippsland’s Wellington and Goulburn Valley’s Moira.
Wyndham in Melbourne’s outer west was named Victoria’s most cheerful metropolitan region with 43 per cent of homeowners who sold doing so above their price hopes and 49 per cent in line with them.
Maribyrnong, the CBD, Port Phillip and Knox were also in the mix.
RateMyAgent chief executive Mark Armstrong said the findings reflected the fact Victoria’s affordable regional markets had been forecast to “perform much brighter than those in the city”.
“The forecast is attributed to the banks tightening loan requirements — as banks look to instil sensible credit policies, it’s easier for Victorians to secure a local in areas with lower financial risks,” Mr Armstrong said.
“When you move outside greater Melbourne, property is priced lower and ultimately easier to secure a loan against.”
CoreLogic’s latest Hedonic Home Value Index revealed last week that Melbourne home values had shed 9.1 per cent over the past year, with the hardest hit regions notching heavy annual falls of up to 15.1 per cent.
But regional Victoria had largely resisted that decline, according to CoreLogic, with Ballarat (up 7.9 per cent annually), Latrobe (6.6 per cent) and Geelong (3.9 per cent) in particular holding firm.
Happiness nation-leader Clarence had 65 per cent of home sellers achieving above their price expectations, 35 per cent in line and none below, RateMyAgent said.
Hobart (56 per cent and 43 per cent), Adelaide’s Playford (51 per cent and 46 per cent) and Canberra’s Yass Valley (49 per cent and 49 per cent) were also among Australia’s top regions for sellers.
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