A high number of properties for sale are keeping prices in Brisbane down, according to the most recent Commonwealth Bank Home Buyer Index.
The index lists Brisbane as a buyer’s market, along with Adelaide, Hobart, Perth and Sydney.
The report says that “Brisbane’s housing market has recorded one of the weakest performances in terms of value declines over the past twelve months and conditions generally reflect a buyer’s market.
“The HBI is showing extreme buying conditions across around half of Brisbane’s sub regions, highlighting the low level of buyer activity relative to the number of homes being advertised for sale,” the report states.
“The markets that show the most challenging selling conditions are generally the more affordable regions located outside of the Brisbane council area boundary.”
Victorian regions featured predominantly as balanced markets. According to the index, Victoria’s Central Highlands area is the nation’s best seller’s market.
According to the index, “market conditions across Melbourne are relatively balanced with the number of homes available for sale broadly in line with buyer demand over the past quarter. Conditions still slightly favour buyers rather than sellers and vendors will need to keep this in mind when trying to sell their home.”
The top ten seller’s markets include:
- Central Highlands, VIC
- Pilbara, WA
- Loddon, VIC
- Canberra, ACT
- Central West, QLD
- Melbourne, VIC
- Darwin, NT
- North Western NSW
- Perth, WA
- Mallee, VIC