The valuations market bounced back in September, following a weaker performance in August and July, according to the latest Housing Market Activity Report by Connells Survey & Valuation.
In September, the total number of residential valuations conducted by Connells rose by 30 per cent compared to August.
Despite the seasonal bounce, the total number of valuations in the month was 4 per cent lower than in September 2011, although this is the first month in 2012 to see an annual drop.
On a quarterly basis, while total valuations were down 1 per cent in Q3 2012 compared to the previous quarter, they were still 1 per cent higher than in the same three months in 2011.
Corporate services director of Connells Survey & Valuation John Bagshaw said: “The housing market tends to pick up pace in September, entering peak season as the school holidays end and buyers return from their summer hiatus.
“However, in the context of a sluggish summer, exaggerated by the distraction of the Olympics, the strong uplift in activity demonstrates the underlying demand from buyers despite continued challenges in the economic environment.
Stronger first-time-buyer activity was a key component of this month’s overall increase, with these valuations up 38 per cent on a monthly basis. However, the numbers of first time buyers also rose annually, climbing by 8 per cent year-on-year.
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