Market activity is expected to settle as the festive season approaches, RP Data’s head of property research Tim Lawless has claimed.
According to Mr Lawless, the seasonality of the market is most felt from the second week of December through to the third or fourth week of January.
Advertising tends to slow down at this time, as does buyer activity.
“For those looking to buy, the festive season is a time when there is reduced competition in the market, so potentially this may be a good time to seek out a property and make an offer,” Mr Lawless told Real Estate Business.
“Prices are likely to continue rising over the first quarter of 2010, albeit at more modest levels than recorded over 2009. Over the first nine months of the year values were up 8.1 per cent, however the month of September saw price growth flatten.”
Mr Lawless said the key markets are likely to be the premium suburbs where prices fell the most during 2008 and are now showing a rebound on the back of improved business conditions and equity market performance.