Homeowners pressured by stubbornly high-interest rates and unable to service mortgages are bringing properties to the market in ever-greater numbers in Melbourne and Sydney, helping to push listings for the spring selling season well over levels recorded in the last five years.

Increasingly wary buyers, meanwhile, are pulling back in the two largest cities even as distressed property listings rise. Total stock on market is up 10.1 per cent in Melbourne and 12.3 per cent in Sydney over their average spring listing volumes since 2019, CoreLogic figures show.