Despite a reduction in the number of properties for sale over the past 12 months, RE/MAX managing director Geoff Baldwin is predicting a surge in stock.
According to Mr Baldwin, stock has reduced from a high of 19,000 houses on the market in the second half of 2008 right down to its current level of around 11,000.
“2009 was an uncertain year in the real estate market with interest rates plummeting in response to the Global Financial Crisis and then rising back to a more normal level in recent months with the result that prospective sellers have taken the option to sit back and watch,” Mr Baldwin said.
“With house prices now stable and rising slowly many sellers are recognising the time has come to bite the bullet and list their properties.
“Another big influence, especially for upgraders is that the middle to higher priced segments of the market are really starting to regain momentum and hence the gap widens between the sale price of a current home and the purchase price of the next property."
Mr Baldwin said the past couple of months had seen a significant increase in investment inquiry and sales, indicating that the market is again on the rise and investor activity is predicted to lead the market throughout 2010.
“With the current high levels of buyer inquiry and pent up demand, January and February promise to be big sales months and the ideal time for sellers to market their properties and maximise their chances of a good price," he said.