Tasmanian sellers went from being the happiest over the last quarter of 2019 to settling in the middle of the satisfaction scale in the past four months, according to the latest study by RateMyAgent.
According to the study, Tasmania recorded the biggest drop in seller satisfaction levels amongst all states, from 55% during the fourth quarter of 2019 to 39% in the past four months.
Mark Armstrong, RateMyAgent chief executive, said this significant decline in satisfaction level could be attributed to the unstable jobs market in the state and dwindling demand due to the COVID-19 outbreak.
"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 in a report in Realestate.com.au. "These two economic factors alone can prompt buyers and vendors to action on the uncertainty of the market."
On an annual basis, seller satisfaction improved in the first quarter of the year. Armstrong said this could indicate that the initial impact of the outbreak on the market was not as "severe" as predicted.
"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," he said.
In a recent market report from CoreLogic, Tasmanian suburbs in the Launceston and North East region recorded gains in values over the April 2020 quarter.
"Launceston and North East Tasmania have unsurprisingly seen an uplift due to a spill over of demand from Hobart, and a bullish sentiment towards Tasmanian property markets," said Eliza Owen, head of research at CoreLogic.
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