In a hot market, as it is in Sydney at present, I would be changing it to "latest listing". Otherwise you will be looking at properties already under offer or sold. REAs are particularly bad for not updating their listing status at present - just too busy I think.
Latest listing. There's never more than about 40 properties for sale around here, if you sort it any other way you lose the new ones.
Don't like the way re.com.au defaults to showing land as well as houses in their search. There's a LOT of land for sale here and I don't really care about it, it all looks the same and it all costs the same.
I'm always on a budget, and the areas I want to buy in, I can just scrape in, so I always sort by 'lowest to highest' and 'most recent' as I check regularly so often just want to see what's just been listed.