Listings in Sydney have reached the highest level since the 2008 Global Financial Crisis.

For the first time since the Global Financial Crisis in 2008-2009, Sydney is seeing the number of property listings surge.

Citing data from SQM Research, Business Insider Australia found that the total listings in Sydney increased by 10.9% in August from the previous month. In annual terms, this translates to a 30.4% hike in the number of properties listed.

SQM Research managing director Louis Christopher said the city's listings are at the highest level recorded since February 2009 and has already surpassed the peak recorded during the housing downturn in 2010 to 2012.

“Some homeowners are readying for a sale and want to list their homes sooner rather than later before prices fall any further, especially in Sydney, where asking house prices are down 2.1% over the month to 4 September,” Christopher said.

This is also apparent in Melbourne, where listings grew by 25.3% compared to a year ago. Asking price in the city was actually down by 2.1%.

On a monthly basis, all capital cities saw a spike in their respective property listings, bringing the national figure 5.9% higher than in July.

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