PropTrack reports busier property market in October

Nationally, new listings on realestate.com.au have surged 17% month-on-month, a 15.7% annual rise and on par with the six-year average for October, with Sydney and Melbourne driving the increase with rises of 32.5% and 31.7%, respectively, according to REA Group’s latest PropTrack report.

The PropTrack Listings Report October 2023, a monthly report analysing new and total listings on realestate.com.au to offer the latest insights on property market supply trends, said the significant mid-spring surge in new listings has expanded choices for buyers, with the total number of listings nationally up 5.2% compared to the previous year.

“Property markets surged in October for the typical mid-spring peak in activity,” said Angus Moore (pictured above), PropTrack senior economist and report author. “This year’s spring selling season has been stronger than last year’s so far, particularly in Sydney and Melbourne.”

“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.”

Buyers in Melbourne, Sydney, Canberra, and Hobart enjoy significantly more options, as all four cities boasted a greater number of available properties for sale in October than has been typical in the past decade.

“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,” 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.”

Moore said that despite the surge, potential Reserve Bank interest rate changes could impact market sentiment, while the rental market’s tightness, robust population growth, and rising wages are expected to sustain fundamental demand for property.

Additional findings:

• Most capital cities experienced a busier October with increased new listings compared to the previous year, except for Perth, which recorded a 7.3% fall.
• Regional areas recorded a 9.4% month-on-month increase in new listings, to be 11.1% higher than the previous year.
• While regional choice improved, the total number of properties listed for sale remains 31% below pre-pandemic levels.

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