It is unlikely that you will aerate your turf too much. However, it is better to repeat the process several times a year if your soil is compacted, rather than do a lot all at once. If the holes that you make in the turf are about 25-50mm apart, you have done a good job. Repeat that several times a year and your turf should improve. As the turf grows, it too will reduce soil compaction as its roots push soil particles apart.