- New listings nationally is higher 15.7% compared to a year earlier.
- Regional areas across the country saw an 11.1% increase compared to a year ago.
- Sydney and Melbourne recorded growth typical of the past decade's average.
The number of homes newly listed saw a strong jump in October across Australia, with a 17% month-on-month increase, and a modest 15.7% increased compared to a year ago, according to PropTrack‘s Listings Report.
Regional areas also saw new listings pick up for a mid-spring, increasing 9.4% month-on-month, which is 11.1% higher than a year ago.
However, across the capitals, Perth appeared to be an exception, recording 7.3% fewer listings year-on-year.
Sydney and Melbourne lead the charge
PropTrack senior economist and report author, Angus Moore, said both Sydney and Melbourne saw a much busier October than last year.
“Activity is now on par with what has been typical for mid-spring over the past decade,” he said.
Sydney and regional NSW saw new listings increase year-on-year by 32.5% and 20.8% respectively, while Melbourne and regional Victoria saw a year-on-year increase of 31.7% and 24.4% respectively.
Change in new and total for sale listings on realestate.com.au October 2023
New listings Total listings
“While a substantially busier month than at the same time last year, this October was marginally slower than is typical for mid-spring in Sydney,” said Moore.
However, Moore noted that Melbourne’s October was busier than usual at this time of year.
Choice for buyers in Perth and Brisbane remains extremely limited
The usual time to sell a home across Perth is at its lowest levels in five years – around half of what it was pre pandemic.
According to Moore, limited new supply and strong demand means properties hitting the market have been snapped up quickly.
“That means that total choice for buyers across Perth remains extremely restricted,” he said.
“While the total number of properties listed for sale picked up in October, the monthly increase was not enough to unwind the decline in September.”
Although Brisbane saw 5.4% more listings in October than September, choice remains limited for buyers, as it is down nearly 40% compared to what has been typical for the past decade.
Canberra records its busiest ever October
Choice for buyers in Canberra rapidly increased, with 32.4% more new listings than what was recorded in September.
“That increase meant Canberra recorded its busiest ever October, and second busiest month on record – behind only November 2021,” said Moore.
“The busy month reflected a much faster pace of activity than at the same time last year, with new listings up 24.5%.”
Adelaide sees modest improvement
The total number of properties listed for sale in Adelaide increased by a modest 9.6% when compared to last month.
However, this increase did not translate to a healthy range of choices for buyers, with total listings around a third lower than the average over the past decade, according to Moore.
“In contrast, regional markets saw activity cool in October, with new listings down 6.5% month-on-month,” he said.
“Even so, activity remained busier than last year, with 8.7% more new listings hitting the market this October than last.”