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October 2012 A change in the “Mood” of the market

As at October 2012, selling agents reported improved sales volumes in the residential property market across most market segments during August & September.

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Although prices remain “soft”, there has been a change in the “mood” of the market following successive cuts to interest rates and more realistic vendors which have been converted into sales transactions. Although there are a reducing number of competing properties currently listed, owners who have been on the “sidelines” waiting for market confidence to improve may maintain the supply of properties coming onto the market which could limit price growth in the short term. Some purchasers have identified this change as a “trough” in the residential property market cycle.

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