Capital city property buyers are being given the most choice in a decade, as new listings hit record levels in October.
According to PropTrack, national new listing volumes surged 20.9 per cent over the month and were 14 per cent higher than the previous year.
The surge was particularly pronounced in capital cities, where new listings increased by 23.2 per cent monthly and 15.2 per cent annually, outpacing regional market growth.
REA Group Director of Economic Research, Cameron Kusher, said the market was showing signs of increased activity across all regions.
“Buyers across Australia enjoyed greater choice in October, with all markets recording a monthly jump in new listings and most markets proving far busier than at the same time last year,” Mr Kusher said.
Melbourne and Canberra achieved record-high new listings for October, while Sydney recorded its highest October volume in nine years.
Brisbane and Hobart reached their highest volume of new listings in six years, while Adelaide hit its highest October volume in five years.
Perth emerged as a standout performer with its strongest October for new listings in a decade, showing a 28.3 per cent year-on-year increase.
PropTrack senior analyst Karen Dellow said there was significant growth in specific suburbs, particularly in Melbourne’s inner south where new house listings more than doubled within a month.
“Brighton, Hampton, and Bentleigh in Melbourne’s Inner South experienced the most dramatic increase, providing significant new inventory for buyers,” Ms Dellow said.
She said in Melbourne, areas like Brighton, Caulfield and Ferntree Gully also saw the highest month-on-month listing increases.
Sydney’s Hunters Hill, Manly, and Lane Cove also experienced notable listing growth, while Henley Beach in Adelaide and Mango Hill in Brisbane are now providing more options for buyers.
Total listing volumes have also increased, rising 8.7 per cent year-on-year and reaching their highest point since November 2020.
Mr Kusher said the market was showing signs of better balance between buyers and sellers.
“We’re seeing a more balanced dynamic between buyers and sellers than we have in recent years, with conditions quite favourable for purchasers in cities like Sydney and Melbourne,” he said.
“A range of factors may have led to the strong growth in new listings, such as recent price gains enabling some homeowners to upgrade, while prolonged high interest rates may be prompting others to sell.”
