TOOP+TOOP Magazine - September 15 2023

Adelaide market update with Bronte Manuel

Consecutive months of unchanged interest rates –combined with an ongoing sparsity of stock – has resulted in Adelaide property values returning to record-high levels.

The most recent data from property market analyst CoreLogic shows that Adelaide dwelling values grew by 1.1 per cent for the month, 3.4 per cent for the quarter and 2.2 per cent for the year.

Put simply, Adelaide property has never been more valuable. That broad sentiment was certainly matched with our experiences at TOOP+TOOP.

We sold an average of two properties a day for the month, with a total sales value approaching $80 million. Our average sales price of $1.342 million was among the highest in our 38-year history.

Our reach across our corporate social media platforms was also impressive, with 384,200 unique views on Facebook and more than 100,000 on Instagram.

Adelaide dwelling values grew by 1.1 per cent for the month, 3.4 per cent for the quarter and 2.2 per cent for the year.

They’re all indicators of a buoyant and eager buyer pool, with many properties attracting multiple offers and selling beyond vendor expectations.

While stock levels do still seem low on face value, the monthly volume of new properties to hit the market with TOOP+TOOP was almost identical to 12 months ago, so this may be the ‘new normal’.

By comparison, CoreLogic reported that the volume of new listings across all Adelaide agencies had dropped 5 per cent compared with the same time last year, with total listings down almost 20 per cent.

In fact, the latest data shows there are just over 4000 homes for sale in greater metropolitan Adelaide, while at the national level, there were 135,951 listings observed through the four weeks to the end of the month. That’s a drop of almost 25 per cent on the five-year average for that period, mainly due to a strong absorption from sales.

It’s interesting to note that both Sydney and Melbourne, which had experienced dramatic drops in listing levels, have bounced back noticeably in recent months. According to CoreLogic, new listings in Melbourne are up by 17.4 per cent year-on-year, while Sydney has enjoyed a jump of 15.7 per cent.

While we’d expect listing levels in Adelaide to increase to at least some degree through the rest of spring, it’s unlikely to reach a point where supply will outweigh buyer demand.

As a consequence, dwelling values here should either remain steady or experience mild increases, at least in the medium term.

The volume of new listings across all Adelaide agencies had dropped 5 per cent compared with the same time last year.

Bronte Manuel 0439 828 882 Jessica Crane 0423 207 478

13A Lovelock Street

Thomas Crawford 0448 888 816

Jake Theo 0422 959 650

29 Third Street

Thomas Crawford 0448 888 816

Vincent Doran 0466 229 880

www.29third.toop.com.au

BURNSIDE

661 - 663 Greenhill Road

Bronte Manuel 0439 828 882

Thomas Crawford 0448 888 816

www.661-663greenhill.toop.com.au

Thomson 0414 427 427

Neill 0413 879 889

Doran 0466 229 880

Grant Wills 0419 865 829 Vincent Doran 0466 229 880

Anita Hardingham 0413 335 706

Gena Nash 0408 828 415 Lew Toop 0419 888 893 www.34main.toop.com.au Sat 16 September

0410 588

0411 318 382

Yuan 0422 429 939

Yuan 0433 402 255

Thomson 0414 427 427

STIRLING

71 Sturt Valley Road

Jordan Begley 0410 289 240 jordan.begley@toop.com.au www.71sturtvalley.toop.com.au

4 Bed 2 Bath 2 Car

$1,800,000 - $1,980,000

Open:

Sat 16 September 11am - 11:30am

TERINGIE

1 Knoll Crescent

Thomas Crawford 0448 888 816

Jake Theo 0422 959 650 www.1knoll.toop.com.au

Open:

4 Bed 3 Bath 2 Car

$900,000

Sat 16 September 10:15am - 10:45am

Auction:

Sun 24 September 10am on site

0413 879 889

Neale 0417 832 549 becky.neale@toop.com.au www.51crozier.toop.com.au

Thomas Crawford

0448 888 816

thomas.crawford@toop.com.au

www.vault.toop.com.au BROMPTON

Thomas Crawford

0448 888 816

thomas.crawford@toop.com.au www.vault.toop.com.au

0412 915 108

0410 289 240

jordan.begley@toop.com.au www.vault.toop.com.au