Property market surges in October: PropTrack

PropTrack’s Listings Report October 2023 found that new listings on realestate.com.au rose 17 per cent month on month in October, bringing new listings up 15.7 per cent higher than in 2022, remaining consistent with the six-year average for the month.

New listings in Sydney and Melbourne were the primary drivers of the month’s growth, up by 32.5 per cent and 31.7 per cent (respectively) on the same period in 2022.

PropTrack senior economist Angus Moore said that this year’s spring selling season has been stronger than last year’s thus far.

“Both Sydney and Melbourne saw a much busier October than last year, which, in part, reflects how quiet spring was in 2022,” Mr Moore said.

“Activity is now on par with what has been typical for mid-spring over 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.”

Commenting on the Reserve Bank of Australia’s (RBA) recent rate increase, Mr Moore said while markets are expecting “only a modest chance of further increases”, any further increase in interest rates could “negatively affect buyer and seller sentiment”.

“Tight rental markets, strong population growth, and growing wages will continue to support fundamental demand for property,” he said.

While most capitals experienced a busier October when compared to last year, Perth recorded 7.3 per cent fewer new listings year on year, while regional areas saw listings increase for mid-spring, up by 9.4 per cent month on month.

Aim to sell in November, PropTrack advised

PropTrack’s Market Insight released on 20 October revealed that home owners who choose to sell in November will achieve the highest price returns, around 0.8 per cent higher than the yearly average.

It quantified that an average property of around $800,000 could see returns of up to $6,000 if sellers choose to sell during November.

In the report, PropTrack stated: “Based on an analysis of selling prices from 2013–22, the best time to sell a home is November, when prices are 0.8 per cent above average. This also coincides with the peak of the spring selling season, when buyers are out in droves.

“The best-selling outcomes are achieved in October or November in most regions. This is also when buyer activity ramps up.”

[RELATED: November sellers achieve highest prices: PropTrack]