TOOP+TOOP Magazine - 10 May 2024

Adelaide market update with Bronte Manuel

Several key property trends emerged in Adelaide as we moved into the new selling year.

Our real estate market again outperformed the other capital cities last month, demonstrating remarkable strength and underlining exceptional resilience as cost-of-living pressures became more apparent.

According to the latest data from property market analyst CoreLogic, dwelling values in Adelaide rose by 1.3 per cent last month, marking an 8.8 per cent increase over the past year and a 3.7 per cent increase over the quarter. As a result, our property values remain at record levels.

By comparison, Canberra, Darwin, Hobart, and Sydney saw declines in dwelling values over the same period. Adelaide’s annual growth rate is particularly impressive, surpassing Brisbane (8.4%), Melbourne (0.5%), and Sydney (-0.1%).

A sparsity of stock remains a key market driver.

Nationally, CoreLogic estimates a 2.8 per cent decrease in sales volumes over the past year compared with the same period 12 months earlier. However, the volume of sales for the combined capital cities remained virtually unchanged, suggesting resilience in metropolitan markets. In Adelaide, sales volumes were relatively steady, down just 1.1 per cent compared with the same time last year.

A sparsity of stock remains a key market driver.

With very few new listings, especially over the Christmas/New Year period, competition for available homes has been strong, with a number of properties selling for prices well beyond initial vendor expectations.

While recent anecdotal evidence from our team suggests stock levels may improve in 2024, demand is still likely to outweigh supply.

TOOP+TOOP has performed exceptionally well within this context.

With 50 sales last month, an average sale price of $1,343,750, and an average of 22 days on market, our performance significantly surpassed the broader trends.

This highlights our ability to achieve premium prices and quick sales in a market that, while slowing nationally, remains quite buoyant in Adelaide.

Our reach across social media platforms, exceeding 375,000, has likely contributed to our strong performance, allowing us to effectively market properties to a wide audience and drive competitive interest in our listings.

In summary, the Adelaide property market has shown resilience and growth in a year where other cities have experienced declines.

TOOP+TOOP has capitalised on this strength, outperforming market averages in sales and days on market.

Despite the traditional year-end slowdown, our performance and Adelaide’s overall market trends suggest continued opportunities for discerning investors and homebuyers.

Our performance significantly surpassed the broader trends.

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Thomas Crawford 0448 888 816

0422 959 650

Jake Theo 0422 959 650

0466 229 880

Parzis 0410 588 633

Jake Theo 0422 959 650 Thomas Crawford 0448 888 816

Jake Theo 0422 959 650

Thomas Crawford 0448 888 816

1B Warwick Street

Sally Cameron 0412 915 108 Sally.Cameron@toop.com.au www.1bwarwick.toop.com.au

30 Wyfield Street

Sally Cameron 0412 915 108 sally.cameron@toop.com.au www.30wyfield.toop.com.au

9 Margaret Avenue

Thomas Crawford 0448 888 816 Vincent Doran 0466 229 880 www.9margaret.toop.com.au

10 Shore Court

Gena Nash 0408 828 415

Bronte Manuel 0439 828 882 www.10shore.toop.com.au

Hartley Grove

Jake Theo 0422 959 650 Vincent Doran 0466 229 880 www.21hartley.toop.com.au