Property market works in buyers' favour
Looking at conditions in the property market is essential if you're hoping to secure cheap home loans, and the latest figures suggest now could be a good time to make your move.
The Commonwealth Bank/RP Data Home Buyers Index (HBI) for August shows the market is geared towards buyers at the moment, which is the case across the majority of the country.
Some areas are particularly favourable, with Wide Bay-Burnett in Queensland and Southern Tasmania both proving particularly positive for anyone who wants to purchase property.
Pilbara and Upper Great Southern in Western Australia and Mackay in Queensland also made the list of top five buyers' markets.
Executive General Manager and Head of Retail Products and Third Party Banking at Commonwealth Bank, Lyn Cobley, said there are "some interesting opportunities for home buyers" at present, providing they know where to look.
"With market conditions in Sydney and Melbourne continuing to be challenging for prospective home buyers it could be worth considering properties in outer suburbs where conditions are typically more balanced," she noted.
The New South Wales and Victorian capitals have been identified as the only capital city sellers' markets, which is something purchasers might want to factor into their plans.
Earlier this month, the RP Data CoreLogic Home Value Index suggested capital city property prices are starting to stabilise, as capital gains stood at just 0.1 per cent throughout September.
During the September quarter, dwelling values across the capitals marked a 2.9 per cent rise, although this was largely driven by conditions in Sydney and Melbourne.
Values are now 9.3 per cent higher over the 12 months to the end of September, although Sydney outstripped the national average and posted a rise of 14.3 per cent during the year.
Melbourne, on the other hand, has witnessed an 8.1 per cent increase in dwelling values.
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