As the property market still boils away in Sydney and Melbourne, Aussie property buyers should look to Queensland which has been rated as an “extreme buyer’s market”.
The quarterly Home Buyers Index by RP Data and Commonwealth Bank has labelled Queensland an “extreme buyer’s market”, with listings outnumbering the bank’s home loan approvals.
Lyn Cobley, Commonwealth Bank executive general manager retail products and customers told News Ltd Queensland has been showing promise for some time.
“Queensland has been favourable to buyers for the past 12 months,” she said.
“Certainly in the quarter ending August 2014, the ratio of properties for sale versus home loans being funded has actually swung even further in favour of buyers.
“In the capital cities, they are typically more balanced [markets] in favour of the seller which reflects the very big difference in metropolitan versus regional markets.
“On a whole the regional markets, especially those in coastal areas, actually offer the best opportunities for buyers.”
Although regional areas offer the best opportunities to buy, Brisbane – although a more balanced market – was still also considered a buyer’s market.
The Wide Bay-Burnett region, including Bundaberg
, Hervey Bay, Gympie and Maryborough, was ranked the best buyer’s market in Australia.
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