Monday, September 28 2015
Conditions in the national housing market shifted slightly in favour of sellers over the quarter, but overall the market is balanced, according to CBA's our latest Home Buyer Index (HBI).
The number of properties for sale across Australia is roughly in line with the number of housing loans being committed to by our customers. In other words, supply and demand are about equal.
Conditions vary when we look in more detail at housing markets by state, city and region.
Understanding whether you’re in a buyer’s or seller’s market can give you an idea of how long properties might be on the market before they sell, what the level of buyers’ interest might be, and whether the buyer or seller is more likely to have an advantage when it comes to price negotiations.
Around the capitals
Market conditions in the capital cities generally favour sellers more than they do in regional areas. Conditions vary from city to city.
Sydney is rated 5, an extreme seller’s market. This is up from 4 in the previous HBI report, with market conditions shifting further towards sellers over the quarter, and large numbers of buyers creating competition for property.
Melbourne is also rated 5, an extreme seller’s market. Conditions have shifted in favour of sellers over the past year and the past quarter.
Brisbane, rated 3, is a balanced market. This is up from a 2 in the previous HBI report, showing that selling conditions have improved. Sellers who set reasonable prices should find buyer interest.
Adelaide is rated 4, has shifted further in favour of sellers over the past quarter. Sellers are likely to have a slightly stronger negotiating position than buyers.
Perth is rated 3, a balanced market, up from 2 last quarter. Conditions have been balanced for most of the year.
Hobart is rated 2, a buyer’s market, up from 1 last quarter. Supply continues to exceed demand, giving buyers the advantage.
Darwin is still rated 2, a buyer’s market. Selling conditions have remained weak over the past year.
Canberra is rated 4, a seller’s market, up from 3. There are more people actively looking to buy than there are sellers.