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The number of homes listed for sale has fallen in Townsville. Picture: NCA NewsWire / Dan Peled

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The Townsville real estate market is tightening further, with new data showing homebuyers are facing an almost 18 per drop in the number of properties listed for sale in the region.

The latest PropTrack Listings Report revealed that new Townsville listings on realestate.com.au fell 8 per cent in October and 14 per cent compared to the same time last year.

This drop in homes coming to market helped pushed total listings down 2 per cent month-on-month and 17.9 per cent year-on-year.

PropTrack senior economist and report author Angus Moore said regional Queensland saw new listings decline 2.8 per cent year-on-year in October, as activity picked up a little in the past month but continued to lag the pace set last year.

PropTrack senior economist Angus Moore. Picture: Supplied

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However, the Brisbane homebuyers were seeing an increase in choice.

“Brisbane’s property market warmed up for its typical mid-spring peak, recording more listings than a year ago for the first time in a year,” Mr Moore said.

“New listings on realestate.com.au in Brisbane lifted 13.7 per cent month-on-month, boosting activity higher (3.4 per cent) than a year earlier for the time since August 2022.

“Total listings in Brisbane rose by 5.4 per cent in October from September, however choice remains very restricted, down nearly 40 per cent compared to what has been typical for the past decade.”

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The report found the number of new listings nationally on realestate.com.au surged for the typical peak of the spring selling season, up 17 per cent month-on-month in October.

“This year’s spring selling season has been stronger than last year’s so far, particularly in Sydney and Melbourne,” Mr Moore said.

“Both Sydney and Melbourne saw a much busier October than last year, which, in part, reflects how quiet spring was in 2022.

“Activity is now on par with what has been typical for mid-spring over the past decade.”

The home at 2A Baldey Street, Hyde Park, is newly listed for sale for $364,000. Picture: realestate.com.au

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Regional areas also saw new listings pick up for mid-spring, increasing 9.4 per cent month-on-month to be 11.1 per cent higher than a year ago.

Total listings in regional Australia were up 4.8 per cent month-on-month and 11.3 per cent year-on-year.

Mr Moore said October listing numbers reflected improved selling conditions, more certainty about interest rates and price growth across much of the country this year.

“Of particular note, property prices have climbed every month in 2023, and continued to do so in October,” he said.

“That means prices nationally have completely recovered last year’s falls.”

Mr Moore said while the RBA increased interest rates a further 25 basis points in November after four months without a change, tight rental markets, strong population growth, and growing wages would continue to support fundamental demand for property.