According to the latest PropTrack report, Sydney is experiencing a busy spring selling season, primarily driven by a significant surge in property listings.

Compared to the same period last year, there has been a notable one-fifth increase in new property listings. Additionally, the total number of listings, including existing properties, has reached its highest level in almost a year, indicating the heightened activity in the Sydney real estate market.

Among the newly listed properties, the suburbs with the most significant increases include Hamlyn Terrace on the Central Coast, Marsfield in Western Sydney, and Westleigh in the Northwest. These areas' increased property listings provide buyers with more options and stimulate an uptick in market activity.

PropTrack economist Annie Frazer attributes the growth in Sydney's listing volume to the overall improvement in sales conditions. Last year, market sentiment was declining, whereas the current perception is that interest rates have peaked, which has supported the restoration of buyer confidence and market sentiment. Therefore, the increase in property listings can be seen as a positive signal for the market's future development.

The report also indicates that listing volumes in October are expected to increase significantly, setting a new record in the past decade. Moreover, auction volumes are also on the rise, with scheduled auction volumes in the first week of October in Sydney increasing by one-fifth compared to the same period last year.