The number of property transactions fell 20 per cent in 2010, new research has revealed.
According to statistics from RP Data, sales volumes fell in every capital city, with Darwin recording the biggest drop at 30.3 per cent.
Research analyst Cameron Kusher said sales volumes of houses and units in late 2010 slumped to similar levels of those recorded during the depths of the Global Financial Crisis.
“2010 was undeniably a sluggish year for sales activity in the residential property market with volumes at their lowest level in a decade,” Mr Kusher said.
“Although we are not anticipating much in the way of property value growth during 2011 some indicators suggest that sales volumes will improve. Unemployment is at 5.0 per cent, wages are growing at a level above inflation and limited growth in property values coupled with wage growth is likely to improve housing affordability.”