Instead of getting caught up in the property ''bubble'' debate, would-be buyers are more concerned with the other ''B'' word - boom. The auction market is booming, but experts say it is not too late for buyers to jump on board for the ride.

The senior economist at Fairfax Media-owned Australian Property Monitors, Andrew Wilson, said not all was lost for those kicking themselves over not buying a year ago.

Not sold: A Californian bungalow with a designer retro extension in Lilyfield.

''Sydney prices this year will be 10 per cent higher than last year but with interest rates at historic lows, there is a trade-off between cheaper finance and higher prices,'' Dr Wilson said.

McGrath chief executive John McGrath conceded that in a booming market ''it will get harder for Sydneysiders, young first home buyers and couples to own their dream property'' but said it was still possible, it just may not be in their first-choice suburb.