I missed the first time, but it seems Trade Me exceeded 1 miilion listings yesterday, October 13th, according to the TM message board.
Right now the site is running at just under 1m, but expect it to steadily grow.
Meanwhile eBay Australia has just over 1m items for sale located in Australia.
Remember that eBay Australia do charge a listing fee, but really eBay Australia by rights should have 3 or 4 times the listings of Trade Me.
This is a classic symptom of why eBay is scurrying to try to refind its auction mojo these days. A lot of what they are trying to do reeks of Trade Me, and for good reason.