Sellers in Sydney's west are more likely to achieve their asking price than vendors in the traditional real estate strongholds Source: Supplied
HOME sellers in Sydney's west are more likely to achieve their asking price than vendors in the traditional real estate strongholds of the eastern suburbs, inner west and lower north shore, according to new research.
The Home Buyers Index from the Commonwealth Bank and RP Data shows Blacktown, inner Sydney and a large part of western Sydney are balanced markets with an equal number of homes on the market to loans approved, meaning the ratio of buyers to sellers is roughly even.
Haggling over price is worthwhile in the eastern suburbs, inner western Sydney, lower northern Sydney and northern beaches, with those areas classified as buyers markets in the three months to November last year. Gosford-Wyong is flagged as an extreme buyers market.
The Sydney market overall is classified as a buyer's market.
RP Data senior research analyst Cameron Kusher said that meant it was an ideal time for property hunters to drive a bargain.
LJ Hooker deputy chairman L Janusz Hooker said flat prices across Sydney have led to excellent buying opportunities under $700,000.
However, the tide could be turning for investment hot spot Blacktown.
Raine & Horne operations manager Sean Green said Fairfield and Miranda provided great opportunities for investors and first-home buyers.
FIVE OF THE BEST
Top selling markets in Australia
Central highlands (VIC)
Canberra (ACT)
Melbourne (VIC)
Loddon (VIC)
North western (NSW)
Top buying markets
Southern (TAS)
Lower great southern (WA)
West Moreton (QLD)
Wide Bay Burnett (QLD)
Far north (QLD)
CAPTIAL CITY MARKETS
Sydney (Buyer’s market) Sydney's selling conditions have eased 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 (Balanced market) Market conditions across Melbourne are relatively balanced and have moved slightly more in favour of the vendor over the past three months. The number of homes available for sale is broadly in line with buyer demand over the past quarter.
Brisbane (Extreme buyer’s market) The ratio of supply to demand in Brisbane has been unchanged over the quarter as conditions continue to favour buyers, with the amount of housing supply outstripping the number of buyers that are active in the current market. Buyers remain in a strong negotiation position and vendors will need to be realistic about their price expectations.
Adelaide (Buyer’s market) Housing market conditions across Adelaide continue to favour buyers rather than sellers and have shown virtually no change over the past three months. Those people looking to buy homes in Adelaide hold a superior position in negotiations to those looking to sell in the current market.
Perth (Balanced market) The Perth housing market has moved into balance over the past quarter after it has favoured buyer’s for most of the past five years. Even though a level of balance has returned, sellers will still need to be realistic in their price expectations in order to make a sale.
Hobart (Extreme buyer’s market) The index for Hobart shows market conditions have deteriorated over the past quarter and remain in favour of the buyer. These conditions suggest increased scope for price negotiation in the current market. Effective supply is continuing to outweigh effective demand, which is likely to result in a superior negotiation position for buyers.
Darwin (Buyer’s market) Conditions across the Darwin housing market have made little change over the past quarter and remain balanced between buyers and sellers.
Canberra (Balanced market) Across Canberra, buyer demand and the supply of housing available for sale is relatively evenly balanced. Over the past quarter there has been a deterioration in selling conditions, however, the market remains balanced overall between buyers and sellers.
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