The national Australian property market has shifted slightly in favour of buyers in the October quarter, a new report has revealed.
Commonwealth Bank’s latest 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.
Looking across the capital cities, Brisbane and Darwin recorded the most significant movements quarter-on-quarter, moving from balanced markets to ones that favour buyers. On the other hand, Adelaide has shifted in favour of sellers after previously being a balanced market.
However, the nation’s two premier property markets – Sydney and Melbourne – have remained as seller’s markets, indicating that heated demand is still outstripping supply. The country’s capital, Canberra, also remained a seller’s market over the quarter.
Dan Huggins, executive general manager home buying at Commonwealth Bank said the results reveal there is plenty of opportunity left in Australia’s property market.
“CommBank’s Home Buyers Index shows there are opportunities for buyers and sellers across Australia,” he said.
“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.”
According to Huggins, the top five buyer’s markets in Australia are Northern South Australia, the Wide Bay-Burnett region in Queensland, the Central West region in Queensland, the Far West region in New South Wales and the Pilbara region in Western Australia.