AU Sellers in control in key property markets
Property Here - Monday, July 29, 2013
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THE property market is now firmly in the hands of sellers in key markets across Australia including Sydney and Melbourne, as supply levels show not nearly enough listings to meet a rush of new home seekers.
Sydney is the top sellers market behind only Canberra and Loddon (Vic) as the most advantageous for sellers in the whole country, according to the latest Commonwealth Bank/RP Data Home Buyers Index (HBI), released today.
However, Sydney is the only market in NSW to be a sellers market, while four Victorian markets, including Melbourne, have made the grade.
The HBI determines whether a market is best suited to buyers or sellers by measuring the number of available properties for sale against the number of new home loans being funded and Sydney has moved into the top five seller's list after moving from a buyer's market at this time last year. For many potential buyers, the result is simply a confirmation of something they already knew.
"Sydney is one of the cities showing an undersupply of dwellings," said Tim Lawless, RP Data national research director. "There has been an increase in new developments, but population growth has also been strong."
The harbour city is at the front of a general shift among the rest of the capital cities, which are moving from buyer's markets to a more balanced outlook. From a state perspective, only Queensland and Tasmania remain buyer's markets.
"It's an interesting time for home buyers, as historically low interest rates sit alongside market conditions that are becoming more competitive," said Clive Van Horen, CBA general manager, retail and customers. "However, as we approach the upcoming spring peak-buying season, there are some interesting opportunities for those looking to buy or sell a property."
Sydney is the only NSW market to feature in the top 10 seller' list, which features four Victorian markets.
Top 10 sellers' markets
1. Canberra, ACT
2. Loddon, Vic
3. Sydney, NSW
4. Central Highlands, Vic
5. Melbourne, Vic
6. Adelaide, SA
7. Darwin, NT
8. Perth, WA
9. Ovens-Murray, Vic
10. Outer Adelaide, SA
Read more: http://www.news.com.au/realestate/news/sellers-in-control-in-key-property-markets/story-fncq3gat-1226687627394#ixzz2aiTYm800