A recent survey by realestate.com.au found that more Australian homeowners now believe it’s a good time to sell compared to last year, thanks to strong price growth.
According to Karen Dellow (pictured above), senior data analyst at REA Group, the latest Residential Audience Pulse survey from realestate.com.au found that 44% of potential sellers in July believed it was a good time to sell, up from 37% the previous year.
“More property owners think now is a good time to sell-up than a year ago, as strong price growth buoys confidence,” Dellow said.
The sentiment was particularly strong in Western Australia, South Australia, and Queensland, where home prices have seen significant increases over recent years.
Western Australia recorded the highest seller confidence, with over two-thirds of respondents feeling positive about selling, marking an 8% increase from last year.
South Australia followed, with 63% of sellers feeling confident, while more than half of Queenslanders also believed now was a good time to sell.
New South Wales saw a 13% rise in confidence, with 45% of potential sellers ready to list their homes.
In contrast, Victoria showed less optimism, with only 29% of respondents feeling it was the right time to sell. However, this still marked a notable improvement from 19% in July 2023, representing a 55% increase in sentiment over the past year.
Nationally, personal circumstances like downsizing, upsizing, retirement, and changes in relationship status were the primary reasons driving sellers to consider selling.
“In most states, the majority of respondents indicated they were selling due to personal circumstances,” Dellow said.
In Western Australia, 39% of sellers cited high buyer demand as their main reason to sell, with many also noting elevated home prices. Perth’s property prices rose 13% year-on-year, with regional WA prices up nearly 15%.
South Australian respondents similarly pointed to high prices, with Adelaide’s home values up 15% and regional prices increasing by 9%.
Despite Queensland’s strong market, a significant portion of sellers were motivated by personal circumstances rather than just market conditions.
Downsizing emerged as a major factor, with nearly a quarter of respondents looking to reduce home size, likely driven by an ageing population and retirees seeking to unlock equity.
“Australia's ageing population means more retirees are sitting on substantial equity in their family homes and are moving to more suitable accommodations,” Dellow said.
A significant number were also upsizing, capitalising on financial gains or seeking less maintenance-intensive properties.
The survey also revealed that hybrid working arrangements have enabled 19% of sellers to consider relocating away from cities in favour of beach or mountain areas, continuing the trend of moving from urban centres to regional locations, the realestate.com.au survey found.
While many sellers see the current market as favourable due to high prices and demand, fewer expect these conditions to continue.
More sellers anticipate price stability rather than increases in the next six months, with 38% predicting steady prices compared to 33% expecting growth.
Similarly, expectations for demand remained tempered, with only 31% foreseeing a rise.
Concerns about further interest rate hikes have also grown sharply, up 65% since the previous survey in April, suggesting sellers are eager to act before conditions potentially worsen, the realestate.com.au survey found.
The strong listings seen over winter, coupled with year-on-year growth as spring approaches, suggest that sellers are eager to make the most of what they perceive as a favorable selling window.
“These trends suggest sellers may be trying to capitalise on what they perceive to be the best time to sell,” Dellow said, noting the urgency among homeowners to act before market conditions potentially change.
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