Australia's property market remains reasonably balanced between buyers and sellers. But the Sydney and Melbourne markets stand out in favour of sellers, and buyers have the upper hand in regional areas.

The Commonwealth Bank Core Logic RP Data's Home Buyers Index is calculated on the ratio of properties available for sale, compared with the number of housing loans that have been approved by the Commonwealth Bank, Australia's largest home-loan provider.

The top five buyers' markets in Australia are:

1. Far West, NSW

2. Upper Green Southern, WA

3. Wide Bay-Burnett, QLD

4. South West, QLD

5. Northern, SA.

And the top five sellers' markets are:

1. Sydney, NSW

2. Melbourne, VIC

3. Central Highlands, VIC

4. Canberra, ACT

5. Ovens-Murray, VIC.

Dan Huggins, Executive General Manager Home Buying, Commonwealth Bank, said, "Although Sydney and Melbourne remain skewed towards sellers, there are favourable conditions for prospective buyers in state capitals like Hobart and Darwin, as well as more regional areas across the nation."

The HBI shows that Queensland, Western Australia, Tasmania and the Northern Territory are skewed towards buyers, while Victoria and the ACT have shifted towards sellers. Though the Sydney market is skewed to sellers, New South Wales overall is neutral, as is South Australia.

Cameron Kusher, CoreLogic RP DATA Senior Research Analyst, said, "While we're seeing strong selling conditions in Sydney and Melbourne, the latest report shows that, on a national level, the real estate market remains balanced.

"Regional areas continue to offer the best opportunities for would-be home owners, while sellers are still benefiting from increased demand in metropolitan areas," he said.