Victoria used to be the nation’s happiest state for home sellers until it lost its title to Tasmania. Regional areas in the south-eastern state, though, are still holding up, according to a report by The Herald Sun.
New research from RateMyAgent found that sellers in Victoria’s regional areas — led by Moorabool Shire, the Surf Coast, and Greater Geelong — and some Melbourne regions are still seeing positive results.
More than half (56%) of the respondents who sold in Moorabool Shire (the municipality between Ballarat and Melton) said that their sale price was higher than what they expected.
Forty-three percent of vendors were also able to close a deal with a price that was in line with their expectations. Only 1% of the homeowners sold below their intended sale price. This makes the region Victoria’s happiest for vendors and the nation’s second-happiest behind Hobart municipality Clarence.
The Surf Coast Shire also scored high in terms of seller happiness, with 54% selling above their expectations and 42% hitting their target prices. It was followed by Geelong, with 49% successfully selling for more than the intended price and 44% getting the exact amount that they wanted.
Macedon Ranges, Gippsland’s Wellington and Goulburn Valley’s Moira were also considered happy regional spots for vendors
Wyndham in Melbourne’s outer west, meanwhile, was named Victoria’s most cheerful metropolitan region. Close to half (43%) of it homeowners were able to sell above their asking price, while 49% got the deal that they wanted.
The survey showed that Maribyrnong, the CBD, Port Phillip and Knox were also on the list.
The results are testaments to the forecast that Victoria’s affordable regional markets would perform better than those in the city, according to RateMyAgent Chief Executive Mark Armstrong.
“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. When you move outside greater Melbourne, property is priced lower and ultimately easier to secure a loan against,” he said.
National seller happiness leader Clarence had 65% of home sellers scoring deals above their price expectations, 35% in line with their expectations, and none below, RateMyAgent said.
Hobart, Adelaide’s Playford, and Canberra’s Yass Valley were also among Australia’s headliners for sellers.
