While demand favoured sellers in Sydney, Melbourne and Adelaide, conditions nationwide have shifted slightly in favour of buyers, according to a Property Observer article published this month.
“At a national level the ratio of buyers to effective supply across the Australian real estate market has shifted slightly in favour of buyers over the past three months, resulting in a housing market which remains balanced between buyers and sellers,” the article reported.
Western Australian, Tasmania and the Northern Territory joined Queensland on the buyer’s market list, while the other states tipped the scales in favour of vendors, especially in capital city markets. The Commonwealth Bank-CoreLogic Home Buyers Index assesses market conditions based on the ratio of homes advertised for sale and home loans committed through the bank.
It’s important to remember that state and city averages will not always reflect the dynamics at play in your local market. Local knowledge is invaluable to get the best outcome whether you are buying or selling.