If you find your Property Supplement difficult to lift off the doormat this morning, it's because it is our largest to date. The market is clearly taking notice of the oil crisis in Europe and the upcoming increases in mortgage rates, and the advice from the agents seems to be sell, sell, sell. A number of developers are also keen to get their new apartments and houses on the market as quickly as possible before interest rates begin to bite. Buyers for once have plenty of choice, even at the top end of the market, where the supply has been tight over the last number of years. The choice is just as good in the middle price bracket, where lots of properties are available, including some withdrawn from auction earlier this year and still without a buyer.

Of course vendors always want to get the best possible price, but there is a feeling out there that a lot of the homes are simply overpriced, and are unlikely to get moving unless the asking price is dropped. This is already happening in many suburbs where agents are busy scrubbing the original prices off brochures and marking down properties. After more than six years of a roller coaster market, agents must be wondering whether the market has finally peaked.