Home Buyers Index reveals favourable conditions for buyers

EMBARGOED 12.01am Sunday, 16 October 2011: Commonwealth Bank today, together with RP Data, released its second Home Buyers Index (HBI) report. The HBI report for Q2 2011, reveals that the Australian property market continues to favour the buyer, although there have been some improvements in the housing market since the last quarter.

The Q2 HBI report reveals that Queensland, Western Australia and Tasmania are currently strong buyers markets with the number of homes advertised for sale, outweighing demand. At the other end of the spectrum is the Australian Capital Territory, which has been identified as an extreme seller’s market.

New South Wales, Victoria and South Australia have all recorded balanced markets during this quarter, with buying conditions improving slightly over the past four months.

Michael Cant, Executive General Manager, Retail Products, Commonwealth Bank comments:

“The property market has shown a modest improvement since the index bottomed in April this year, although on a national level conditions continue to favour the buyer.”

The top ten best buyers and sellers markets nationally were identified as:

Top 10 sellers markets: Top 10 buyers markets:
  1. Pilbara (WA)
  1. Gold Coast (QLD)
  1. Canberra (ACT)
  1. South East (SA)
  1. Central Highlands (VIC)
  1. Sunshine Coast (QLD)
  1. Loddon (VIC)
  1. Wide Bay Burnett (QLD)
  1. Kimberley (WA)
  1. Upper Great Southern (WA)
  1. Melbourne (VIC)
  1. Southern (TAS)
  1. Barwon (VIC)
  1. Richmond-Tweed (NSW)
  1. Adelaide (SA)
  1. Far North (QLD)
  1. North West (QLD)
  1. West Moreton (QLD)
  1. Mallee (VIC)
  1. Mersey-Lyell (TAS)


The findings from the Home Buyers Index report are reflected in the Property Buy/Sell Index - a free online tool for prospective buyers that combines historical sales data and current market information to offer insight into whether a particular region is a buyer or seller’s market. The online Index includes expert commentary on each region, and also offers an overview of the national housing market.

The Home Buyers Index report combines current market data with the demand for Commonwealth Bank home loans, to identify hotspots for buyers and sellers across Australia.

To access the report summary visit www.commbank.com.au/hbi


Media contact:

Tracy Hicks, Public Relations Advisor
T: 02 9118 6919 || M: 0478 306 055
E tracy.hicks@cba.com.au


Notes To Editors: About the Commonwealth Bank/RP Data Home Buyers Index Report

Issued quarterly, the Commonwealth Bank/RP Data Home Buyers Index provides an estimate of the level of supply and demand that is evident within the Australian real estate market. To calculate an estimate of supply, RP Data closely monitors the number of homes available for sale around Australia, including those from leading real estate portal, realestate.com.au and other real estate groups and advertising portals. On the demand side of the equation, Commonwealth Bank is the nation’s largest home loan lender, and as such can provide one of the timeliest and representative estimates of housing demand in the market place. The HBI is produced across a range of geographic boundaries, from a national index to state level indices, major regional indices, capital cities and broad regions within capital cities.