Midwood Report author Bill Morris said the market would start to 'bounce back' and home-buyers should purchase before the end of 2009 if they wanted a bargain.

"The market will stay flat for another six to nine months, but prices will start to rise early next year," he said.

He said when the market recovered, house-and-land prices would be up to 30 per cent more on present values.

This would take the median price of a Gold Coast house price from $440,000 to $550,000.

Mr Morris said historical data confirmed the cyclical nature of the property market and its capacity to bounce back.

"Over the last 40 years we have had a regular seven-year-cycle, regardless of interest rates and the state of the economy," he said.

Mr Morris said in the last boom in 2003 some prices rose 100 per cent in one year.

In the next boom he said suburbs near the ocean should do particularly well.