Sydney homes sell for highest prices but sellers in other locations are happier with what they get

They’re getting an average of $200,000 more than those who sold last year and close to double the prices in other capitals but Sydney home sellers appear to be hard to please.

A survey of home sellers by real estate group RateMyAgent revealed Sydney vendors were happier than usual with the prices they got but not as satisfied as sellers in other markets where price jumps have not been as large.

They were less likely to report being happy with the prices they got than those in much smaller cities, including Hobart and Adelaide – despite scoring substantially bigger wins with their prices.

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The average Sydney seller pockets about $400,000 more than sellers in Hobart and $500,000 more than those in Adelaide.

Close to two thirds of Sydney homeowners who sold in the first half of 2021 claimed they were happy with the price they got, compared to three quarters in Hobart and NSW towns Newcastle, Port Macquarie and Port Stephens.

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Auctioneer Eddy Piddington at a northern beaches sale earlier this year – the area is one of Australia’s fastest growing markets. Picture: Gaye Gerard

Greater Sydney came in ninth overall for the proportion of homeowners who said they were happy with their price – yet the city had a bigger jump in prices in dollar terms than pretty much everywhere in the country last year.

The median price of a Sydney house is currently $1.22 million – about $200,000 pricier than it was at this time last year, according to CoreLogic.

Price increases were even higher in city regions such as the northern beaches, where the median price of homes jumped just shy of $500,000 in a year.

The average beaches home seller was pocketing about $1.7 million in mid-2020 – now they are getting nearly $2.2 million.

After getting such incredible gains, only 63 per cent of northern beaches vendors said they got a price higher than expected, according to the RateMyAgent Price Expectation Report.

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Parramatta sellers were less likely to be happy with their price than vendors in other areas.

The Sydney local government areas where the least sellers reported being happy with their prices were Cumberland and Parramatta – where 56 and 57 per cent of sellers said they got more they expected.

Sellers were the happiest in the inner west and Sutherland Shire.

RateMyAgent co-founder Mark Armstrong said sellers in some regional markets may have been happier than in Sydney because they were more accustomed to softer sales conditions.

The rate of price growth in some regional markets and smaller capitals like Hobart was also faster than in Sydney – even if the increases in dollar amounts were smaller and the size of the sales profits was not as large.

Mr Armstrong said it was a good time to be selling. “There is no doubt we are at the top of the market and if anyone is considering selling I’d suggest sooner rather than later,” he said.

Sydney LGAs with unhappiest sellers

1. Cumberland (56%)

2. Parramatta (57%)

3. Ryde (58%)

4. Mosman (58%)

5. Randwick (58%)

6.Canterbury-Bankstown (58%)

7. North Sydney (59%)

8. Waverley (60%)

LGAs with happiest sellers

1. Inner West (71%)

2. Sutherland (67%)

3. Blacktown (68%)

4. Hornsby (67%)

5. Sydney CBD (64%)

6. Penrith (63%)

7. Northern Beaches (63%)

8. The Hills (62%)

Source: RateMyAgent

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