IS the residential property market picking up? The answer depends upon whom you talk to and which sector of the residential property market they cover. According to the recently released Colliers Jardine's Residential Update, prices in the residential market, after falling 10 to 15 per cent between April and the end of June, have now stabilised. ''Vendors are getting more realistic about asking prices and they are prepared to negotiate with potential buyers where previously they would have waited for the market to catch up with their own inflated value estimates,'' said joint managing director of Colliers Jardine, Karen Wong. According to an official from Chesterton Petty, sales activity has begun to pick up although it is nowhere near as frenzied as three to four months ago. ''People are calling about listings,'' she said. ''They want to get in and see the flats.'' She described this recent crop of buyers as locals who were purchasing for their own use. Prices for these flats range between $10 and $13 million. ''Last week we had a couple of sales on Conduit Road and Kennedy Road in the Mid-Levels. People were bidding low for the homes.'' That means that while the vendor was hoping for $13 million, the deal could be settled for $12.8 million, said the agent, adding that the market would move upwards by September. Isabel Michie, director of First Pacific Davies (FPD) said there were now more inspections taking place - but not necessarily sales. ''Things have been quiet in terms of transactions . . . when the sales figures came out in June, transactions had fallen by 40 per cent. We are not seeing more deals. But we are seeing more looking,'' Ms Michie said. Other agents contacted agreed that, in general, the market has been quiet, and the further you go up the price ladder, the quieter the market has been. According to a spokesman for Richard Ellis: ''The luxury end of the market, which includes homes and flats priced above $20 million, has been ''very quiet'' since April and is expected to remain so for the time being at least. According to this agent and others, the more exclusive the accommodation gets, the less willing landlords are to drop their prices. These sorts of high end vendors were in no hurry to sell, agents agreed. Ms Michie said: ''In fact, at this high end of the market, we advise people not to sell. People who own these very expensive homes don't have to sell. Why would they want to?''