Market shifts in favour of homebuyers

Market shifts in favour of homebuyersProspective homebuyers have received a shot in the arm, with the Commonwealth Bank/RP Data Home Buyers Index (HBI) showing a trend towards a buyers’ market from December 2013 to March 2014.The news is good for homebuyers generally, but even more so for those looking to buy property in Queensland, the NT and Tasmania. However, it is regional areas, not the capital cities, that show the best conditions for buyers, with Wide Bay-Burnett (Queensland), Mersey-Lyell (Tasmania), Far West (NSW), West Moreton (Queensland) and Central (WA) identified as offering the five best buyers’ markets in Australia.Victoria’s Central Highlands region is the top sellers’ market in the country, followed by Sydney, Melbourne, Canberra and Loddon (Victoria).The HBI report notes mixed market conditions across the states and territories in the period from December 2013 to March 2014. However, it says Tasmania remains an “extreme buyers’ market”, with conditions more favourable to buyers than in any other state or territory.Conditions in NSW and Victoria generally remain balanced, while the Sydney market continues to strongly favour sellers and the Melbourne market has shifted slightly in favour of sellers, too. Queensland (including Brisbane) remains a buyers’ market and the NT is tilting towards a buyers’ market after balanced conditions in December 2013.State and capital city market conditions continue to be balanced in SA. In WA, the Perth market remains balanced while the state shifted from a buyers’ market to a balanced one.The ACT bucked the trend as a result of the state’s capital remaining one of the top five sellers’ markets in the country. It meant the ACT shifted from a balanced market to favour sellers over the course of the period.To read the report summary go to: commbank.com.au/hbi