Property market conditions across Australia shift in favour of buyers, says Commonwealth Bank
Article by Rebeccah Elley
National property market conditions moved from a balanced market in December 2013 to a buyer’s market in March 2014, according to the Commonwealth Bank/RP Data Home Buyers Index (HBI).
Regional areas showed the most favourable conditions for prospective home buyers with Wide Bay-Burnett Queensland, Mersey-Lyell Tasmania and Far West NSW offering the best buyer markets in Australia. For sellers, the Central Highlands Victoria, Sydney NSW and Melbourne Victoria were the top markets in the country.
Commonwealth Bank’s general manager Clive van Horen said prospective home buyers should consider the dramatically different conditions between metropolitan and regional areas.
“The latest HBI shows while the metropolitan areas of Queensland and Tasmania provide good opportunities to negotiate on the sale price of a property, home buyers in the south eastern states should be cautious with their budgets and ensure they don’t pay more than the true-market value when purchasing a property.”
Horen advised home buyers to continue to comprehensively research the market to understand the conditions in their area and state.
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“It’s also essential to seek outside guidance through consulting with their home loan provider and sourcing true-market valuations for properties before negotiations take place,” said Horen.