Mallee home prices top vendor expectations

NEW data collected by real estate market analyst RateMyAgent indicates the Mallee has achieved the second-highest rate of above-expectation property sale prices in Australia, with 62 per cent of vendors receiving a better sale price than expected.

RateMyAgent’s Price Expectation Report shows the Mallee sitting second behind Southern Melbourne, which has an above-expectation property sale price of 68 per cent.

It is the first time three Victorian regions – Southern Melbourne, the Mallee and Eastern Melbourne – have made it into the report, with 60 per cent of people in these areas receiving a higher sale price than anticipated.

RateMyAgent chief executive Mark Armstrong said he had seen a trend over the past 12 months of people selling their properties for more than what they expected.

“What we call the happiness rating has doubled over the last 12 months,” he said.

The Price Expectation Report is used by RateMyAgent to survey successful vendors across Australia by asking if the sale price achieved for their property was above, below or in line with their expectations.

Mr Armstrong said an increase in above-expectation sale prices for regions such as the Mallee was likely driven by affordability.

“The banking lending policies probably didn’t have as much of an effect in those areas as it did in some of the areas where the median sale price is a million dollars-plus,” he said.

“I think it’s great to see regional areas making the report and showing that the markets are gaining strength. It’s a good thing for the country, it’s a good thing for those areas.”

Despite the “bounce in the market”, Mr Armstrong said it was likely the next Price Expectation Report would show different results.

“It’ll level off a bit more,” he said.

“It’ll be a more what I call normal (market). And I think what we’ve seen is a bit more of an abnormal market.”