PROPERTY MARKET SHOWS SIGNS OF CHANGE AS TWO CAPITAL CITIES SHIFT IN FAVOUR OF BUYERS
- The national property market remains balanced, however, the market shifted slightly in favour of buyers in the October quarter, according to the latest Home Buyers Index.
- Best opportunities for buyers seen in Tasmania, Queensland, Western Australia and the Northern Territory.
- Brisbane and Darwin shift from balanced markets to favour buyers.
Saturday, 12 December 2015: Brisbane and Darwin have shifted from balanced markets in favour of buyers, while Sydney and Melbourne remain favourable for sellers, according to the latest Commonwealth Bank CoreLogic RP Data Home Buyers Index.
The October quarter (August to October) Home Buyers Index – which provides an indication of how well market conditions are suited to buyers or sellers – found that while the national property market continues to be balanced, there was a slight shift in favour of buyers.
At a state-level; the Queensland, Western Australian, Tasmania and Northern Territory property markets remain in favour of buyers; Victoria and the Australian Capital Territory favour sellers; while New South Wales and South Australia remain balanced.
Brisbane and Darwin recorded the most significant movements quarter-on-quarter, moving from balanced markets to ones that favour buyers; Adelaide has shifted in favour of sellers after previously being a balanced market. While Sydney, Melbourne and Canberra remain seller’s markets.
Dan Huggins, Executive General Manager Home Buying, Commonwealth Bank, said: “While the national property market remains balanced; Brisbane, Darwin and Adelaide have experienced the most notable shifts. Brisbane and Darwin have moved in favour of buyers, while Adelaide has moved in favour of sellers.”
The top five buyer’s markets in Australia are:
- Northern, SA
- Wide Bay-Burnett, QLD
- Central West, QLD
- Far West, NSW
- Pilbara, WA.
The top five seller’s markets in Australia are:
- Sydney, NSW
- Melbourne, VIC
- Adelaide, SA
- Canberra, ACT
- Central Highlands, VIC.
“CommBank’s Home Buyers Index shows there are opportunities for buyers and sellers across Australia. Prospective buyers should ensure they do their research and consult a home lending specialist, so they can make an informed decision about where to buy,” said Mr Huggins.
To access the report summary, visit CommBank.com.au
About the Commonwealth Bank CoreLogic RP Data Home Buyers Index Report
The HBI is based on the ratio of properties available for sale compared with the number of housing loans that are being committed to by Commonwealth Bank. The findings from the HBI 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’s or seller’s market. The online Index includes expert commentary on each region, and also offers an overview of the national housing market.
The Commonwealth Bank CoreLogic 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, CoreLogic 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 most 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.