'From October-November the steam came out of the IT market and we are now in a pretty much steady state market,' said Mr Acheson. He said that many organisations had slammed the brakes on their hiring plans at the end of 2011, partly because of dwindling confidence about the economy and the possible fallout from Europe.
Although the market had come back 'pretty strongly' since the third week in January, 'we're not about to come back to boom times overnight,' he said.
IT salaries would likely be pretty flat or experience some modest increases for the remainder of the year, although Mr Acheson said he wasn't expecting any reduction in rates or salaries which was experienced in the GFC.
'But there are still some areas in very strong demand, or where there is a shortage - for example good SAP people. Companies that are starting SAP projects know they will struggle to find good candidates, and if they do that they will have to pay them well.
'Also anyone in cloud computing or monetising websites is in strong demand,' he added.
According to the Peoplebank report demand in the two major markets, Sydney and Melbourne, is being moderated by a slowdown in activity in the financial services sector. Brisbane meanwhile is feeling the effect of the State election which has many organisations holding off major new projects.