Wondering which Aussie property markets present the best opportunities for buyers and sellers?
According to the Commonwealth Bank/RP Data Home Buyers Index, buyers now hold the upper hand at the negotiation table nationally - despite the strong market conditions in Sydney and Melbourne.
However, conditions tend to fluctuate across the states and territories, and particularly their respective capital cities.
This diverse market across Australia presents some clear opportunities for home buyers, especially those looking for investment properties, said RP Data national research director Tim Lawless.
“By and large, the best opportunities for buyers are in regional areas, with particularly favourable conditions in areas outside of the metropolitan hubs of Queensland, Tasmania, South Australia and West Australia,” he said.
The top ten best buyer’s markets in Australia are:
- Wide Bay-Burnett, QLD
- Mersey-Lyell, TAS
- Far West, NSW
- West Moreton, QLD
- Central, WA
- Southern, TAS
- Richmond-Tweed, NSW
- Northern, SA
- South East, SA
- Northern, TAS
It is also worth noting that no capital cities made the top 10 buyer’s markets list and most of the markets that did are the coastal/lifestyle type.
All of the areas listed have an oversupply of properties available for sale relative to current demand.
Sellers continue to enjoy the upper hand in Sydney, Melbourne and Canberra. The top ten best seller’s markets in Australia are:
- Central Highlands, VIC
- Sydney, NSW
- Melbourne, VIC
- Canberra, ACT
- Loddon, VIC
- Ovens-Murray, VIC
- Adelaide, SA
- Perth, WA
- Mallee, VIC
- Barwon, VIC
Commonwealth Bank GM home loans Clive van Horen said buyers especially in the south-eastern states need to watch that they don’t pay more than the true-market value for a property.
Overall, it’s important for buyers to comprehensively research the market to understand the conditions in their area and state, van Horen said.
“It’s also essential to source true-market valuations for properties before negotiations take place.”
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