They have been hovering above the relegation zone for most of the season after three top-six finishes in a row.
McAllister knows they have to improve on that but can also see grounds for optimism ahead of the final game with Liverpool at Villa Park.
He said: "It has most definitely not been a successful season. This place is geared for better than that.
"It has been a massive season of change and you can maybe look for that as an excuse - but we don't see it as an excuse. It's been disappointing.
"It's been frustrating but there is enough to suggest we can take it forward. There are a lot of encouraging things.
"In a very frustrating season our three main forwards have been major players for the England team this year for Fabio Capello.
"Everybody also knows of the calibre of young players we have got here and we have had to use a few of those guys this season when it wasn't on.
"They were tight games and big games where we had to push some youngsters in. They will have benefited from that so it's not all doom and gloom.''
McAllister also admitted: "I know from being a player that they don't like change. By the time we got here, there had been two managers and then we've had what's happened to Gerard Houllier (a heart problem).
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