October welcomes record listings activity since the pandemic

While this continues the familiar seasonal '-ber' month appreciation pattern, the month's most significant development occurred on the supply side.

The 12-month rolling count of listings reached 111,580 properties in October, the highest level since the pandemic peak in May 2021, when listings hit 109,956. This marks a decisive shift in market dynamics, with inventory climbing steadily from its post-correction low of 89,207 in September 2023.

Despite this substantial 25 per cent increase in available properties over two years, prices have remained stable within a narrow $750,000-$801,000 band. This apparent contradiction reveals that rather than the speculation-driven dynamics of the pandemic era, where limited inventory drove aggressive bidding, the market now operates on utility-based demand. Buyers are entering because they need homes, not because they're chasing capital gains.

The sales data supports this interpretation. October recorded 7,505 transactions, bringing the 12-month rolling count to 79,731, which is comfortably ahead of the same period last year when annual sales totaled 70,714. More tellingly, the sales-to-listings conversion ratio has held steady at 71.5 per cent, barely changed from September's 71.4 per cent and well above the post-correction low of 61 per cent recorded in February 2023.

This sustained conversion rate despite surging inventory indicates that the additional listings are meeting genuine demand rather than creating a buyer's strike. Properties are clearing at a healthy pace, suggesting that vendors have realistic price expectations and buyers remain active.