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How much is too much when trying to add value to property ahead of a sale

Extreme buyers advantage … A house at 5 Robert John Circuit, Coral Cove, 20 minutes from Bundaberg, Queensland, has been reduced to $349,000. Picture: realestate.com.au
Source: Supplied

NATIONALLY property market conditions still favour buyers, although some regions are starting to buck the trend.

Buyers have the most power to negotiate on price and terms in Tasmania, Northern Territory and Queensland, according to new research from Commonwealth Bank and RP Data.

Bargaining down prices in the ACT is probably going to be harder than any other state, as sellers hold the upper hand there.

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The latest Home Buyers Index reveals which property markets in the country are buyers markets and which are sellers markets by calculating how many properties are listed for sale in each area and how many mortgages are being taken out through the Commonwealth Bank in the same area.

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A buyers’ market … Tasmania has a new government and Hobart is a beautiful city.
Source: News Limited

Buyers’ markets have plenty of properties to choose from, which means demand is lower so buyers have more power to negotiate. Sellers’ markets have fewer properties to choose from so there is more demand and sellers are in the power position.

The whole of Tasmania was an extreme buyers’ market, while there were many regions within Queensland including West Moreton, Wide Bay Burnett and the Northern region in the same position.

Sydney didn’t have any regions which were buyers’ markets, the best it could manage for buyers was a balanced market in the Gosford — Wyong region and Outer Western Sydney.

It has five regions which were extreme sellers markets, Blacktown, Central western Sydney, Eastern suburbs, inner Sydney and lower northern Sydney.

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An extreme sellers market … A six-bedroom home listed for sale in Blacktown, Sydney. Picture: realestate.com.au
Source: Supplied

Melbourne had only one buyers’ market, the Mornington Peninsula Shire. It had four extreme sellers’ markets, eastern outer Melbourne, Moreland City, Northern middle Melbourne and northern outer Melbourne.

Another extreme sellers market … A house for auction at 21 Marion Ave, Brunswick West, Melbourne. Picture: realestate.com.au
Source: Supplied

Brisbane had no sellers’ markets, and eight regions which were buyers’ markets including Beaudesert Shire, inner Brisbane, Ipswich City and Logan City. Caboolture shire north of Brisbane was an extreme buyers’ market.

Negotiable … The asking price for 2 Walker St, Ipswich, Queensland, is listed for $579,000.
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All markets were balanced in Adelaide, while in Perth all regions were balanced except for the north metropolitan region, which was a sellers’ market.

A balanced market … A home for sale at 181 East Terrace, Adelaide. Picture: realestate.com.au
Source: Supplied

Commonwealth Bank general manager home loans Clive van Horen said the figures revealed there were still some opportunities for buyers, particularly those looking outside of capital cities.

“While the property market remains competitive for many home buyers in the capital cities of the south eastern states, reflective of the solid clearance rates we’ve seen in Sydney and Melbourne recently, there are some interesting opportunities for buyers in the regional housing markets and for investors, particularly in the north east and west of the country,’’ he said.

RP Data national research director Tim Lawless said overall the best opportunities for buyers were in the regional areas of Tasmania and Queensland.

Buyers advantage … Areas such as Elliott Heads in Bundaberg, Queensland. Picture: Mark Calleja
Source: News Limited

“Sellers continue to enjoy the upper hand in Sydney, Melbourne and Canberra,’’ he said.

Mr van Horen said it was hard to talk about the Australian property market as a whole as it varied so greatly from state to state.

“But if you look at housing prices from RP Data house prices have been reasonably positive in most states,’’ he said.

“By and large the complete market is certainly reasonable.’’

Mr van Horen said knowing whether a particular area was a buyers’ or sellers’ market could help buyers work out whether they had much room to negotiate on a property or if they needed to move quickly in order to secure a deal.

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