New listings surged in October, rising 17 per cent month-on-month nationally, according to the latest PropTrack Listings Report.
According to the report, the number of new listings on realestate.com.au are now also up 15.7 per cent nationally on a year ago, which is on par with the six year average for new listings in October.
Sydney and Melbourne drove the increase in activity, with new listings up 32.5 per cent and 31.7 per cent compared to a year earlier, respectively.
But on a month-on-month basis it was Canberra (up 32.4 per cent) and Melbourne (up 30.8 per cent) that led the way.
PropTrack senior economist and report author, Angus Moore, said property markets surged in October for the typical mid-spring peak in activity.
“This year’s spring selling season has been stronger than last year’s so far, particularly in Sydney and Melbourne,” he said.
“Both Sydney and Melbourne saw a much busier October than last year, which, in part, reflects how quiet spring was in 2022.
“Activity is now on par with what has been typical for mid-spring over the past decade.”
But new listing increases varied around the country.
In Darwin they rose just 4.5 per cent month-on-month, to remain level with what was recorded a year ago, while in Brisbane they climbed 13.7 per cent in October to come in 3.4 per cent up on the same time in 2022.
“Listing numbers in October reflect improved selling conditions, more certainty about interest rates, and the fact that prices have been growing across much of the country this year,” Mr Moore said.
“These factors have supported vendor confidence.
“Of particular note, property prices have climbed every month in 2023, and continued to do so in October.
“That means prices nationally have completely recovered last year’s falls.”
The total number of listings nationally also increased 6.1 per cent in October to be 5.2 per cent higher than a year ago.
Total listings in Sydney climbed 6 per cent month-on-month to be 6.3 per cent higher than a year ago, while in Melbourne total listings jumped 9.1 per cent in October to be 12.8 per cent up on the same time in 2022.
Regional areas saw new listings pick up for mid-spring, increasing 9.4 per cent month-on-month to be 11.1 per cent higher than a year ago.
Choice improved regionally as well, with 4.8 per cent more total properties listed for sale in October than September, and 11.3 per cent more than a year earlier.
Even so, the total number of properties listed for sale regionally remains 31 per cent below pre-pandemic levels.
At a capital city suburb level, Williamstown in Melbourne recorded the biggest surge in new listings, up 250 per cent year-on-year, followed by Austral, in Sydney, which recorded a 208 per cent jump.
Mr Moore said whether or not the Reserve Bank of Australia raised interest rates again would likely have an impact on listing rates.
“The RBA increased interest rates a further 25 basis points in November after four months without a change,” he said.
“While markets are expecting only a modest chance of further increases, they remain a possibility.
“Any further increase in rates could negatively affect buyer and seller sentiment.
“Tight rental markets, strong population growth, and growing wages will continue to support fundamental demand for property.”
