Properties that have been on the market for up to eight months are on the move, according to a Maitland real estate agent.
Peters Real Estate principal Tim Peters said the number of properties for sale was down by about 25 per cent on 12 months ago, butthe market was stable.
“We’re starting to see a number of properties, that have been on the market for some time, sell,” Mr Peters said.
Responding to claims that sales volumes were falling, the Mr Peters said business was not back to pre-GFC figures, but it was not far off.
Conversely, Prosper Australia has reported Australian Bureau of Statistics data showed the metropolitan property market was stagnant.
Referring to the ABS Eight Capital Cities House Price Indexes, released yesterday, Prosper Australia said sales volumes continued to fall, the stock of unsold properties continue to rise, building approvals were weak and housing finance was at a 35-year low.
Prosper Australia campaign manager David Collyer warned potential homebuyers to stay out of the market, with prices predicted to fall further.
He said the costs involved in holding property at the moment were high, compared to the risk-free Commonwealth bond rate.
Mr Peters said, while he could not speak for the metropolitan market, it was safe to predict a rise in vacant land prices in Maitland as the level of stock diminished.
He said people were not willing to move and, if they did, it was usually because of employment transfers, change of family circumstances or a deceased estate.
Despite this he predicted the local market would take off next year.
“For four or five years I’ve been saying 2013 is the year,” Mr Peters said.
“The whole area is underpinned by coal and that’s not going anywhere anytime soon.”