Australian property market remains in buyer's favor

Source:Xinhua Published: 2012-7-30 16:10:18

The Australian housing market conditions remain in the buyer's favor, with property values remaining soft and the number of homes for sale continuing at above average levels, a new survey released on Monday by the country's largest mortgage lender, the Commonwealth Bank found.

The Commonwealth Bank's Home Buyers Index (HBI) for the three months to May showed affordability had improved in many suburbs across Australia, with Queensland and Tasmania market conditions being well and truly in favor of the buyers.

The real estate markets in the states of New South Wales, South Australia and the Northern Territory were becoming more and more buyer friendly over the May quarter, while the state of Victoria and the Australian Capital Territory were experiencing more balanced market conditions in the same period with the number of sellers and buyers being relatively equal.

"In general, the property market across Australia for the May quarter 2012 offers good opportunities for home buyers," Commonwealth's general manager of home loans Clive van Horen said on Monday.

The index is based on the ratio of properties available for sale compared with the number of housing loans that are being committed to clients of the Commonwealth Bank.



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