There is an increase in stock coming to the Townsville property market. Picture: Evan Morgan

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Fresh stock has been hitting the Townsville property market with new listings up in October.

The latest PropTrack Listings Report showed new Townsville listings on realestate.com.au shot up 21.7 per cent in October pushing new listings up 19.7 per cent year-on-year.

Total listings were also up 7.1 per cent in October.

However, total listings were down 24.6 per cent year-on-year.

PropTrack Director of Economic Research, Cameron Kusher said in wider regional Queensland new listings were up 8.9 per cent in October and 16.6 per cent annually.

“Regional Queensland recorded the largest increase in new listings from a year earlier among regional markets,” he said.

Total listings were up 3.8 per cent month-on-month but down 3.4 per cent year-on year.

In Brisbane, new listings increased 15.4 per cent across the month to reach the highest volume of new listings for the month of October in six years.

“Brisbane new listings sat 16 per cent higher year-on-year in October, the third-largest annual increase of the capital cities,” he said.

“Homebuyers in Brisbane had greater choice in October as total listings grew 7.7 per cent over the month to be up 2.6 per cent from the same time last year.”

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PropTrack Director of Economic Research, Cameron Kusher. Picture: Supplied

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Nationally, new listings surged 20.9 per cent in October as capital city new listings reached the highest volume for the month of October in a decade.

Capital city new listings were up 23.2 per cent monthly and 15.2 per cent annually while regional new listings were up 17 per cent in October and 11.9 per cent year-on-year.

“Buyers across Australia enjoyed greater choice in October, with all markets recording a monthly jump in new listings and most markets proving far busier than at the same time last year,” Mr Kusher said.

“Sydney and Melbourne recorded a year-on-year jump in new listings, despite the heightened new listing volumes this time last year, while Perth, Canberra and Brisbane saw the largest annual increases.”

Mr Kusher said as new listing volumes surged, total listing volumes also increased.

“They’re up 8.7 per cent year-on-year and at their highest point since November 2020,” he said.

“Heightened levels of stock for sale affords buyers more choice and removes some purchasing urgency from the market.

“We’re seeing a more balanced dynamic between buyers and sellers than we have in recent years, with conditions quite favourable for purchasers in cities like Sydney and Melbourne.

“A range of factors may have led to the strong growth in new listings, such as recent price gains enabling some homeowners to upgrade, while prolonged high interest rates may be prompting others to sell.”