The latest Commonwealth Bank CoreLogic Home Buyers Index (HBI) compared the ratio of properties available in the market with the number of housing loans being committed to by Australia’s largest home loan provider, CommBank.
Despite the lean towards buyers between February and April 2015, Australia’s property market as a whole is still balanced between buyers and sellers, with noticeable variations in market conditions across the states, territories and capital cities, the report stated.
The report said the states and territories that offer the best conditions in favour of buyers were Queensland, Western Australia, Tasmania and Northern Territory. All the other states and territories showed balanced conditions.
As for state capitals, Brisbane, Hobart and Darwin offer the best conditions for buyers, while Perth and Canberra remain balanced between buyers and sellers.
However, the opposite is seen for Adelaide. From offering balanced market conditions, it has shifted to favouring sellers as mortgage applications rise and housing stock remain steady.
Sydney and Melbourne also still have sellers having the upper hand in the property market.
The top five best seller’s markets are Sydney (NSW), Central Highlands (VIC), Melbourne (VIC), Adelaide (SA) and Ovens-Murray (VIC). Sydney only slightly moved in favour of buyers.
The top five best buyer’s markets in Australia are:
1. South West, QLD
2. Northern, SA
3. Wide Bay-Burnett, QLD
4. Southern, TAS
5. South Eastern, WA.
“People looking to buy a home in Sydney, Melbourne or Adelaide should ensure they do thorough research and make an informed decision that accounts for changing market conditions,” said Dan Huggins, general manager Home Loans Commonwealth Bank.
For Cameron Kusher, CoreLogic RP Data senior research analyst, “the best opportunities for buyers are to be found away from the state capitals”.
“Overall, the best buyer’s markets lie outside the capital cities, in regions linked to the mining sector, with Queensland and Western Australia particular stand-outs. Keep in mind that these regions are seeing high supply coupled with low demand due to the slowdown in the resources sector. Whilst they may be good for buyers, their immediate prospects are generally weak.”
Collections: Mortgage News