PropTrack report: Sydney’s spring selling season finally underway after listings spike
In good news for buyers, Sydney’s spring selling season is finally underway with an influx of new listings after a slow start.
Sydney’s spring selling season has well and truly arrived following a spike in real estate listings.
New listings are up by one fifth compared to the same time last year, according to the latest PropTrack data.
Total listing numbers, which includes older stock, also rose and are now at their highest level in a year.
Suburbs with the biggest rise in new listings included Hamlyn Terrace on The Central Coast, Marsfield in Western Sydney and West Ryde in the north west.
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PropTrack economist Anne Flaherty attributed the bump in Sydney listings to improved selling conditions.
“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.
A market perception that rates have reached their peak supported the recovery in sentiment, according to Ms Flaherty.
October is expected to have a another big jump in listings, as is consistently recorded over the past 10 years, the PropTrack report revealed.
Auction volumes are rising too. Sydney’s scheduled auctions for the first week in October have jumped one fifth higher than that of the same time last year.
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In regional NSW, total listings reached the highest level seen in close to three years, rising 4.4 per cent over September.
Both Sydney and regional NSW recorded the highest amount of total listings compared to any other month this year.
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Originally published as PropTrack report: Sydney’s spring selling season finally underway after listings spike