ABSTRACT
As has been observed earlier, property markets are comprised of people who bid against each other in the market for a limited range of properties which is available. It is the interaction of supply and demand which ultimately determines the prices at which goods are exchanged in markets. Property prices are determined in the same way as those for other goods, although as has been indicated markets tend to be specialised in nature (for example residential, retail or commercial) and many are relatively local in nature.
