Published on January 21st, 2013
Survey deems real estate as buyers’ market
The real estate market is predominantly a buyers' market, especially in many areas of Sydney, a new report has outlined.
The RP Data-Commonwealth Bank Home Buyers Index discovered that a bargain in residential real estate can be found in the northern beaches, the inner-west and the lower parts of north Sydney.
In the three months to November 2012, as well as those areas of Sydney, the Gosford-Wyong region was identified as an extreme buyers' market.
The report said: "Sydney's selling conditions have improved only slightly over the last quarter, however, buyers remain better positioned in negotiations than vendors.
Given these conditions vendors will likely have to set more competitive prices in order to attract purchaser interest."
Melbourne presented a more balanced market where vendors as well as buyers could profit from the climate. It found that the number of houses for sale were in line with current demand in the quarter.
Perth experienced similar conditions, but despite an increase in demand for the properties available, vendors are advised to keep prices at a reasonable level.
Canberra is also a balanced market given that there is a sufficient amount of demand to cater to current supply.
Deemed as an extreme buyers' market, Hobart is described as a city where a bargain can be found. Demand is not as prevalent in the southern capital and, as a result, vendors need to be realistic with their asking prices.
Adelaide is also known to be a buyers' market, with performance shown to be fairly constant over the quarter – those looking for a bargain could very well find one in the South Australian capital.