TOOP+TOOP Magazine - August 18 2023

Adelaide market update with Bronte Manuel

The volume of property sales in Adelaide has been typically lower through winter, but buyer competition shows no signs of slowing.

In fact, the latest report from property market analyst CoreLogic shows that Adelaide home values hit a record high last month, edging past the previous mark achieved in July 2022.

According to CoreLogic data, Adelaide dwelling values increased by 1.4 per cent for the month and 3.2 per cent for the past quarter, resulting in annual growth of 1 per cent.

That increase was consistent at all price points, too, with the lowest 25%, middle 50% and highest 25% of values rising by 3.4 per cent, 3.4 per cent and 3 per cent respectively.

At TOOP+TOOP, our results over the past month followed a similar pattern.

Adelaide dwelling values increased by 1.4 per cent for the month and 3.2 per cent for the past quarter

While our sales volumes dropped month-on-month by around 25 per cent to 44, the average price of those sales increased by close to 35 per cent to more than $1.36 million, our highest monthly average since last October.

Feedback from our sales team on the ground is that many quality listings are still receiving strong interest at levels beyond vendor expectations. That’s despite widespread media reports around the increased cost of living and a string of interest rate rises.

Adelaide property has certainly outperformed most Australian capital cities, with Perth the only other capital to register year-on-year growth in dwelling values. By comparison, Brisbane, Melbourne and Sydney values have dropped by 6.2 per cent, 4 per cent and 2.1 per cent respectively.

At a national level, home values are down 3.4 per cent annually, but declines are subsiding from an 8 per cent drop in the year to March. CoreLogic also predicts that annual growth may flatten later this year.

Despite continued strong sales results, stock levels remain sparse. Anecdotal evidence suggests that some vendors are hesitant to sell through fear of being unable to secure another suitable property.

CoreLogic reported there were fewer than 3800 homes advertised for sale in Adelaide over a four-week period, a 24.7 per cent decline on the equivalent period last year when listing levels were already considered to be lower than usual.

The volume of new listings to hit the market in Adelaide is also trending significantly lower, down 17.5 per cent compared with 12 months ago.

There are, however, early indications that listing levels may improve as we move into spring.

At TOOP+TOOP, we have certainly seen an increase in vendor inquiries in recent weeks.

This does coincide with the traditional peak selling season but also may be a result of investors looking to offload some property holdings due to affordability challenges.

Anecdotal evidence suggests that some vendors are hesitant to sell through fear of being unable to secure another suitable property.

BANKSIA PARK 3 Bed 1 Bath 2 Car

1 Elsworth Drive

Scott Thomson 0414 427 427 scott.thomson@toop.com.au www.1elsworth.toop.com.au

Contact agent

Open:

Sat 19 August 10:45am - 11:30am

BLAIR ATHOL 6 Bed 2 Bath 4 Car

25 & 27 Stanley Avenue

Thomas Crawford 0448 888 816

Jake Theo 0422 959 650 www.25-27stanley.toop.com.au

Open:

Auction:

Contact agent

Sat 19 August 11:30am - 12pm

Sun 10 September 10am on site

Crawford 0448 888 816

Doran 0466 229 880

Thomas Crawford 0448 888 816 Vincent Doran 0466 229 880

DULWICH

3 Parkstone Avenue

Jordan Begley 0410 289 240 jordan.begley@toop.com.au www.3parkstone.toop.com.au

FULHAM GARDENS

513 Tapleys Hill Road

Grant Wills 0419 865 829

Vincent Doran 0466 229 880 www.513tapleyshill.toop.com.au

3 Bed 2 Bath 1 Car

Contact agent

Open:

Sat 19 August 2:30pm on site

Auction: Sat 19 August 2pm - 2:30pm

3 Bed 1 Bath 4 Car

Contact agent

Open:

Sun 3 September 11am on site

Auction: Sat 19 August 10am - 10:30am

48 Essex Street South

Grant Wills 0419 865 829 grant.wills@toop.com.au www.48essexstreet.toop.com.au

2D North Terrace

Peter McMillan 0417 733 900

Glenn McMillan 0476 394 663 www.2dnorth.toop.com.au

Jordan Begley 0410 289 240 jordan.begley@toop.com.au www.77winchester.toop.com.au

5A Allington Avenue

$775,000 Julie Zanes 0438 886 113 julie.zanes@toop.com.au www.5aallington.toop.com.au

MILE END 3 Bed 1 Bath

15B Cowra Street

Thomas Crawford 0448 888 816

Vincent Doran 0466 229 880

www.15bcowra.toop.com.au

Contact agent

Auction: Sun 20 August 11:30am - 12pm Open:

Sat 2 September 2pm on site

NAILSWORTH 5 Bed 3 Bath 2 Car

41 California Street

Sally Cameron 0412 915 108

Contact agent

sally.cameron@toop.com.au www.41california.toop.com.au Sat 26 August 1:30pm on site

Auction: Sat 19 August 11am - 11:30am Open:

197a Childers Street

Grant Wills 0419 865 829 grant.wills@toop.com.au

www.197achilders.toop.com.au

33 Fisher Street

Sally Cameron 0412 915 108

26 Livingstone Avenue

Grant Wills 0419 865 829 grant.wills@toop.com.au www.26livingstone.toop.com.au

Ryan Yuan 0422 429 939

Lalita Yuan 0433 402 255 www.2weemala.toop.com.au

4B Wilga Street

Sharee Redic 0407 722 660

Cassandra Yeates 0407 871 851 www.4bwilga.toop.com.au

SEATON

7 / 235 Tapleys Hill Road Contact agent

Thomas Crawford 0448 888 816

Jake Theo 0422 959 650 www.7-235tapleyshill.toop.com.au Sun 20 August 10am on site

Sally Cameron 0412 915 108

Thomas Crawford 0448 888 816 Vincent Doran 0466 229 880

0448 888 816

0422 959 650

0408 285 485

0413 879 889

Sally Cameron 0412 915 108 Sally.Cameron@toop.com.au

Jordan Begley 0410 289 240

jordan.begley@toop.com.au www.2brandreth.toop.com.au

Sharee Redic 0407 722 660 Cassandra Yeates 0407 871 851

Alfred Road

Thomas Crawford 0448 888 816 Jake Theo 0422 959 650