New property listings on realestate.com.au are 4.5% higher this spring selling season than last year, according to PropTrack's Listings Report for September.
This is despite a monthly fall of 7.1% in September, which was due to the impacts of school holidays and long weekends in a number of states.
On a national level, the number of new listings across the combined capital cities was 5.9% higher in September this year compared to last.
Regionally, new listings were up 2.3% over the 12-month period.
PropTrack economist and report author Anne Flaherty said a lift in seller sentiment is a key driver behind the annual rise in the number of new listings.
"This time last year, sentiment among both buyers and sellers was declining, with the market in the midst of one of the most aggressive series of interest rate hikes ever undertaken by the Reserve Bank," she said.
“Interest rates are now largely predicted to have reached their peak, having held steady since July. This has supported a recovery in sentiment which, according to realestate.com.au’s Residential Audience Pulse, has recorded a significant jump from the start of the year."
Sydney recorded the highest year-on-year growth in listings in September, up a staggering 21.3%.
Melbourne followed closely, with listings up 10.1% year-on-year, followed by Canberra (4.9%).
Ms Flaherty said October is predicted to see another jump in property listings.
“While spring is typically the most popular time of year to sell a property, it isn’t uncommon for fewer new listings to be seen in September compared to August, with this occurring during five of the past 10 years.
“October, in contrast, has consistently recorded a monthly increase in for sale listings over each of the past 10 years, an outcome that may be repeated this year with strong selling conditions in most markets."
Auction volumes are also rising, according to CoreLogic.
This weekend's anticipated volume of 2,371 homes set for auction is 36.2% higher than last year, when just 1,741 homes went under the hammer.
Melbourne is set to be the busiest capital city for auctions this weekend with 1,032 homes scheduled to go under the hammer. This is 33.1% higher than this time last year when 690 homes were set to go to auction.
Auction activity is also picking up in Sydney, where there are 981 homes set to go under the hammer, up 47.7% higher year-on-year.
CoreLogic says auction activity is expected to trend higher over the coming weeks, with over 2,500 capital city auctions expected to be held next weekend.
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