WORKING HARD TO KEEP SELLERS HAPPY

NEW research shows a drop-off in vendor price satisfaction throughout Australia — including recent No.1 state Tasmania.

RateMyAgent found that in the fourth quarter of last year, 55 per cent of Tasmania vendors were “happy” with the price fetched for their property.

However, in the latest RMA

Tasmania slid from No.1 back to being the fourth happiest state (39 per cent).

The report asks property sellers if their sale was above, below or in line with their expectations.

RMA chief executive Mark Armstrong said the dip in Tasmania’s price satisfaction could be attributed to the current job market instability and softened demand.

“Substantial demand for property in Tasmania comes from the mainland, and we saw this demand significantly decrease as COVID-19 travel restrictions were implemented,” he said.

“These two economic factors alone can prompt buyers and vendors to action on the uncertainty of the market.”

Mark said a sale price satisfaction decrease nationwide may be in response to COVID-19.

He said government-mandated regulations and physical distancing measures saw vendor price satisfaction dip nationally in April.

“Tasmania led the drop with a

16 per cent decline in seller happiness — measured quarter on quarter — and was followed closely by Victoria and New South Wales,” he said.

“However, compared annually, there was a national price satisfaction increase of 17 per cent between March 2019 and March 2020.

“The report shows us that the initial impact of COVID-19 on the market wasn’t as severe as expected, as the housing market has proven to remain resilient.

“While we still need to analyse the long-term effect of the pandemic and keep a close eye on economic conditions, we are seeing the industry begin to recover, particularly with the easing of restrictions and a slight drop in the national house price.”

Mark said a positive takeaway was how quickly and effectively the industry adapted to continue servicing client needs.

“It was great to witness high-performing agents adapt and learn new ways to remain ‘undisruptable’ while continuing to provide exceptional customer experiences in an ever-changing property market,” he said.

“We will be closely monitoring vendor price satisfaction in the coming months to see if industry predictions regarding June as the new March or even spring — with more stock coming into the market — will come to fruition.”

The RMA report polled 20,000 people.