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1 / 19 2 GETTY IMAGES Buyers are being told they can expect to see a bidding war between different properties in the new year as the market approaches the festive period.

A report from property website Rentrak reveals the market is now in its final stages, with more than 1,000 properties available for sale in just a few weeks.

It suggests that this is a sign of how the market has matured since the end of last year.

“The market has gone through a major transformation, with an unprecedented level of demand and the highest price ever recorded,” it states.

“As we approach the Christmas period, it is expected that many of the properties on the market will sell for significantly less than their current market value.”

This will put a premium on affordability and offer many potential buyers a chance to be among the first to make a profit.

“Rentrak states that the average price of a single-family home has risen from $1.7 million to $2.2 million.

It states that prices are increasing at an alarming rate in Australia and New Zealand, with the average Sydney house now worth $1 million.

The report also states that while many of these properties have been sold to overseas buyers, the majority of the buyers are Australians.”

With an average asking price of $1,700,000, the average Australian household has the chance to save a total of $22,000,” it adds.

The most expensive house in Sydney’s south is listed for $2,000 million, with prices reaching $3.8 million.

Other houses in the region are also on the high end with a listing for $3,500 million, and a listing at $3 million for a house in Northcote.

The sale of homes in Australia’s capital city has seen an influx of overseas buyers amid a global financial crisis.

But the report also warns that this could increase the likelihood of more price spikes in the years to come.”

Despite the recent sharp increase in demand, many properties are not being offered at their current prices due to a shortage of available property.

“We expect that prices will continue to rise, particularly for properties located in the capital region,” the report states.

The hottest property in Sydney in 2017 is a property on the west-side of Bondi Beach.

A listing for a $1 billion property in the area has already been completed, with other properties already being sold for around $1-million.

Topics:housing-industry,housing,property-market,property,sunday-nightclub-barrel,sydney-2000,newcastle-2300,vic,australiaMore stories from Australia

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