Getting to your happy place might not be child’s play but it could be as simple as finding that your property has sold for more than you expected, according to the latest study.
Getting to your happy place might not be child’s play but it could be as simple as finding that your property has sold for more than you expected, according to the latest study.

The happiest places in Australia and QLD revealed

A new study has found the key to happiness, and the good news is it's part of a housing boom that could be contagious.

Getting to your happy place might be as simple as finding that your property has sold for more than you expected, in this case the highest level of satisfaction seen in two years, according to ratings firm RateMyAgent.

Latest research involving a survey of 40,000 Australians, found a boom in satisfaction among those selling their homes in the country - with the happiness level doubling from 20 per cent of those surveyed in December 2018 to 41 per cent in December 2019.

"Aussies across the country are rising in happiness, as seller satisfaction doubles nationwide - indicative of a steady upturn in the property market," the report said.

 

The percentage of sellers who received higher than expected sales prices on their homes doubled in one year, boosting happiness levels.
The percentage of sellers who received higher than expected sales prices on their homes doubled in one year, boosting happiness levels.

 

The study's price expectation report asked those who had sold their homes during July to December last year if the sale price was above, below or in line with their expectations.

"Results showed a significant increase in overall national satisfaction with net happiness doubling," according to RateMyAgent chief executive Mark Armstrong.

He said the study showed there were "plenty of reasons for optimism".

The happiest place in Queensland was Townsville, the report found, but the southeast corridor continued to dominate the top 10 list in the state.

Queensland's top 10 happiest places were Townsville, Scenic Rim, Moreton Bay, Brisbane, Gold Coast, Logan, Sunshine Coast, Ipswich, Rockhampton and Redland, the report found.

It found 45 per cent of vendors in Townsville had got a better sale price on their home than they expected, almost double the same time the previous year (25 per cent) and also beating the national result.

Ray White agent Jess Nguyen said the surprising factor was that while the market was quiet leading up to Christmas, genuine buyers had come out of the woodwork.

"December 2019 saw a significant number of genuine buyers. Buyer interest has increased in Queensland - with consumers appearing to be more confident in market conditions. This increased confidence is largely attributed to steady interest rates."

The report found the happiest state was Victoria (55 per cent), which had overtaken Tasmania (51 per cent), followed by New South Wales (50 per cent), Australian Capital Territory (48 per cent), South Australia (42 per cent), Queensland (38 per cent) and Western Australia (33 per cent).

Mr Armstrong said the number of properties on the market "dropped off a cliff" last year, creating a lack of supply that was manifesting in higher prices for sellers.

"The number of properties sold dropped by close to 20 per cent," he said. "Through the whole year the supply was really tight, really restricted and so when you have that level of supply that is one of the key indicators as to why we've seen that happiness across the whole country".

He said after the Federal Election and the Banking Royal Commission, "in buyers mindset it was game on".

"When buyers got back into the market, there was a lot less stock. That's why we saw in second half of 2019, price expectations grow rapidly. Sellers had conditioned themselves to accept less and were pleasantly surprised when they got more."

 

Beach regions including the Gold Coast continued to draw strong satisfaction levels.
Beach regions including the Gold Coast continued to draw strong satisfaction levels.

 

It wasn't all good news though, with Far North Queensland emerging as the unhappiest place in Australia.

"Far North Queensland doesn't have what you would call a stable economy, not like Brisbane or Sydney or Melbourne where there is strong infrastructure, financial centres, health centres," Mr Armstrong said.

He said the FNQ had "a greater level of shift worker, mining industry, tourism industry, these industries can be very volatile, these are the sorts of people that can be affected by an inability to borrow money, these are the people banks probably clamped down on and areas where banks held back because of more uncertainty about income and employment".

Mr Armstrong said he did expect tourism and mining areas to see a bit more volatility as China adjusted to a post-coronavirus world.

He said the level of housing supply for sale would pick up in Australia and across Queensland though, as higher prices give vendors greater levels of confidence.

"Queensland can be a two tiered market because it does have places that rely on mining and tourism. I think those areas will probably drag their feet a little bit," he said. "But then that southern part like the Gold Coast and Brisbane will bounce back and hold itself."

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Originally published as The happiest places in Australia and QLD revealed


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