The best property buyer markets are outside capital cities in regions linked to the mining sector, a report shows.
The Commonwealth Bank CoreLogic Home Buyers Index (HBI) report shows property market conditions across Australia have shifted slightly in favour of buyers, with Brisbane, Hobart and Darwin presenting the best opportunities.
While the national property market remains balanced between buyers and sellers, there was a slight shift towards buyers between February and April 2015, with marked variations in market conditions across the states, territories and capital cities.
The most favourable conditions for buyers among the state capitals are in Brisbane, Hobart and Darwin, while Perth and Canberra remain balanced between buyers and sellers.
Queensland, Western Australia, Tasmania and Northern Territory offer the best conditions for buyers at a state and territory level, with all other states and territories showing balanced conditions, the report said.
“Overall, the best buyers markets lie outside the capital cities, in regions linked to the mining sector, with Queensland and Western Australia particular standouts,” CoreLogic senior research analyst Cameron Kusher said in a statement.
He said those regions have high supply coupled with low demand because of the slowdown in the resources sector.
“Whilst they may be good for buyers, their immediate prospects are generally weak,” Mr Kusher said.
Across state capitals, one of the most significant shifts was in Adelaide, which has gone from balanced market conditions to favouring sellers, with mortgage applications rising in the city and housing stock remaining steady.
Sellers continue to have the upper hand in Sydney and Melbourne, although Sydney has moved slightly in favour of buyers.
* The HBI is based on the ratio of properties available for sale compared with the number of housing loans that are being committed to by the Commonwealth Bank.
The top five best buyers markets in Australia are:
1. South West, QLD
2. Northern, SA
3. Wide Bay-Burnett, QLD
4. Southern, TAS
5. South Eastern, WA
The top five best sellers markets in Australia are:
1. Sydney, NSW
2. Central Highlands, VIC
3. Melbourne, VIC
4. Adelaide, SA
5. Ovens-Murray, VIC