The number of homes being sold has slowed from last year’s frenetic pace.

But that could change given we’re now in the midst of the traditional spring selling season, property research group RP Data says.

Home sales across Australia peaked in November 2013 with 45,640 houses and units sold in the month, RP Data said.

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Sales have waned since then, although transaction numbers are still rising.

RP Data research director Tim Lawless said home sales typically slowed due to seasonal factors such as winter, or Christmas and Easter holidays.

He said the spring season would provide a litmus test for the housing market, with figures from the current period, to be released later in the year, revealing whether buyer numbers bounce back.

“We are already seeing listing numbers ramping up at a faster rate than last year. The big question is whether buyer numbers will match the pace of listings to absorb this additional supply,” Mr Lawless said.

Mr Lawless said there had been a recent rise in vendor discounting, as well as average selling times – the average number of days to sell a home currently is 47 days, compared to 36 days back in March.

He said official housing finance figures also pointed towards a peak in housing market activity, with mortgage demand for owner occupiers virtually flat over the past 12 months.

The report showed that in the year to July, every state and territory, except Western Australia and the ACT, recorded an increase in home sales compared with the previous year.

But while demand for owner occupiers has been flat, the RBA today raised concerns about the rapid rise in loans to investors in the housing sector.

The RBA says that investors are pushing up prices and shutting owner occupiers and first-home buyers out of the market.

“The key points here are that we are keeping a close eye on the buildup of credit to investors in the housing market,” Mr Stevens said.

“Lending standards are things that need to be carefully watched in a time when house prices are rising quickly and competition from lenders are increasing.”

The RBA and the Australian Prudential Regulation Authority (APRA) are getting ready to use rules and regulations rather than interest rates to restrict that lending.

“Those discussions are continuing and when there is something to be said it will be said, all in good time,” Mr Stevens said.

The RBA, in early October, said it hopes the details of the reforms will be released by the end of 2014.