It looked like the spring sales season in the Australian real estate market was already in full swing in October as listings soared, especially in two capital cities, according to the latest market update from SQM Research.
Residential property listings rose 6.5% in the month, driven by substantial increases in listings in Melbourne and gains in all capital cities.
“It looks like we're going back to the usual spring sales season, with all capital city listings increasing in October,” said Louis Christopher, managing director of SQM Research.
Christopher said Melbourne reported a significant increase in registrations following the easing of restrictions on stage four at the end of September. In fact, registrations in Melbourne increased 26.7%, the fastest growth of any capital city. Sydney and Canberra followed with an 8.4% increase in registrations during the month.
"We expect another big increase in registrations during the month of November for Melbourne," he said.
On an annual basis, only listings in Melbourne and Sydney recorded gains of 22% and 13.6% respectively.
The number of new listings, which include properties listed for sale in the past 30 days, increased 27.5% in October. This has been largely attributed to the 322.6% increase in Melbourne.
The table below shows the property lists of the capitals in October:
Top suburbs:
superior cedar
,
Wentworthville
,
thebarton
,
Redcliffe
,
nundah
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