Surge in listings after slow start to spring: SQM Research

There were 364,013 properties listed in October, 4.9% more than the same time last year, according to SQM Research.

The result was up 7.3% from this September, a result SQM Research managing director Louis Christopher says was not surprising.

"The month recorded a rather large surge in listings, which were expected, given the slow start to the spring selling season," says Christopher.

SQM Research attributes the yearly increase in unsold properties on the market to a few capital cities in particular. Perth stock on the market was up 18.9% year on year.

The greatest annual increase, however, was recorded in Darwin. Stock levels were 31.9% higher than October 2013, with a total of 1,851 homes on the market.

Hobart was the only city to record a yearly downturn in stock levels, which were 0.2% lower than they were this time last year at 4,227 homes.

On a monthly basis, Sydney had the highest stock increase with 21.9%. There were 24,826 properties in total on the market in the New South Wales capital.

"Despite the listings surge in Sydney, our information is telling us that the market remains very strong for now," Christopher says.

The result is considered by SQM Research to be an "abnormal surge".

Declines in listed stock were not recorded in any of Australia's capital cities in October, although Melbourne offered the slightest increase of 2.6%. A total of 44,140 Melbourne homes were unsold and on the market last month.