General manager of Australian Property Monitors Michael McNamara said it was too early to get an indication of the strength of the property market because of the level of instability in the economy.
"This year will be one of uncertainty. With a looming interest rates rise, petrol price hikes and the share markets, it will provide uncertainty for buyers," he said.
But the first auctions of the year on the weekend showed an improvement compared with this time last year.
The clearance rate for properties rose by almost 10 per cent in Sydney to 56 per cent while the number of houses listed also increased by 10 per cent compared with this time last year.
Of the 77 properties listed in Sydney, 59 were auctioned, with 36 sold, seven more than at the same time in 2007.
Melbourne had a slower start with only 29 properties listed for auction compared with 55 at this time last year. The clearance rate rose by 1 per cent to 50 per cent and out of 27 properties reported as auctioned, 14 were sold compared with 24 out of 49 properties reported as auctioned this time last year.
In Brisbane, 35 properties were listed compared with 26 this time last year. However, no sales figures were available last night.
Adelaide also began the year strongly with a clearance rate of 66 per cent. Twenty-nine properties were sold out of the 43 that went to auction compared with 21 out of 33 last year.
The most expensive house sold at auction was a house in the exclusive weekend retreat of Portsea on the Mornington Peninsula. The two-bedroom home was sold for $1.9 million.
Mr McNamara said the figures were no indication of what to expect from property prices in the year ahead.
"They don't tell us very much," he said. "It is very difficult to say what kind of change in volume to expect. The market across the country except for Perth enjoyed a better year in 2007."
Mr McNamara said the strength of the market last year gave both buyers and sellers confidence, but given speculation of an economic slowdown and record petrol prices it did not seem likely to flow into this year.
"The markets in Perth are already displaying a weakness whilst in Melbourne and Perth the market seems very likely to slow down," he said.
"I think buying an apartment in Sydney will be good value this year."
"This year will be one of uncertainty. With a looming interest rates rise, petrol price hikes and the share markets, it will provide uncertainty for buyers," he said.
But the first auctions of the year on the weekend showed an improvement compared with this time last year.
The clearance rate for properties rose by almost 10 per cent in Sydney to 56 per cent while the number of houses listed also increased by 10 per cent compared with this time last year.
Of the 77 properties listed in Sydney, 59 were auctioned, with 36 sold, seven more than at the same time in 2007.
Melbourne had a slower start with only 29 properties listed for auction compared with 55 at this time last year. The clearance rate rose by 1 per cent to 50 per cent and out of 27 properties reported as auctioned, 14 were sold compared with 24 out of 49 properties reported as auctioned this time last year.
In Brisbane, 35 properties were listed compared with 26 this time last year. However, no sales figures were available last night.
Adelaide also began the year strongly with a clearance rate of 66 per cent. Twenty-nine properties were sold out of the 43 that went to auction compared with 21 out of 33 last year.
The most expensive house sold at auction was a house in the exclusive weekend retreat of Portsea on the Mornington Peninsula. The two-bedroom home was sold for $1.9 million.
Mr McNamara said the figures were no indication of what to expect from property prices in the year ahead.
"They don't tell us very much," he said. "It is very difficult to say what kind of change in volume to expect. The market across the country except for Perth enjoyed a better year in 2007."
Mr McNamara said the strength of the market last year gave both buyers and sellers confidence, but given speculation of an economic slowdown and record petrol prices it did not seem likely to flow into this year.
"The markets in Perth are already displaying a weakness whilst in Melbourne and Perth the market seems very likely to slow down," he said.
"I think buying an apartment in Sydney will be good value this year."
