Home buyers looking for a bargain can just about forget the capital cities, new research shows.
The Eyre region of South Australia, Queensland’s Wide Bay Burnett region and the far west of NSW are among the top buyers’ markets in the country, according to the latest Commonwealth Bank-CoreLogic RP Data home buyers index.
Brisbane and Hobart are the only capital cities where buyers hold some power, though regional centres offer much more favourable conditions, the report shows.
Not surprisingly, Sydney and Melbourne are among the strongest sellers’ markets, along with Victoria’s central highlands.
The index is based on a comparison of the number of homes advertised for sale with the number of loans issued by the Commonwealth Bank.
“Overall, conditions in capital cities are either balanced or in favour of the seller,” Commonwealth Bank’s Lyn Cobley said.
“There are more promising opportunities for home buyers looking to purchase a property in the regional and coastal areas of Queensland, the Northern Territory and Tasmania.”
Tim Lawless, national research director at CoreLogic RP Data, said average property market conditions had begun to even out in recent months.
“Conditions over the past three months have generally become more balanced between buyers and sellers, and the October report shows that even Sydney has started to balance out, although it remains a seller’s market,” he said.
TOP BUYERS’ MARKETS
- Eyre, SA
- Wide Bay Burnett, south east QLD
- Lower great southern WA
- Central west QLD
- Far west NSW
TOP SELLERS’ MARKETS
- Central Highlands, VIC
- Sydney, NSW
- Melbourne, VIC
- Loddon, northern VIC
- Ovens-Murray, northern VIC