TOOP+TOOP Magazine - September 1 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.

Crawford 0448 888 816 Jake Theo 0422 959 650

Wills 0419 865 829

Julie Zanes 0438 886 113 julie.zanes@toop.com.au www.18staffa.toop.com.au

Thomas Crawford 0448 888 816

Vincent Doran 0466 229 880 www.3-46west.toop.com.au

21 Overland Road

Thomas Crawford 0448 888 816

Jake Theo 0422 959 650

CROYDON PARK 5 Bed 3 Bath 2 Car

19 Hotchkiss Crescent Contact agent

Thomas Crawford 0448 888 816

Vincent Doran 0466 229 880 www.19hotchkiss.toop.com.au Sat 2 September 3:30pm - 4pm Open:

Sharee Redic 0407 722 660 Cassandra Yeates 0407 871 851 www.1walnut.toop.com.au

Becky Neale 0417 832 549 becky.neale@toop.com.au www.18ahamilton.toop.com.au

513 Tapleys Hill Road

Grant Wills 0419 865 829

Vincent Doran 0466 229 880

www.513tapleyshill.toop.com.au

14 / 355 Fullarton Road

Grant Wills 0419 865 829

grant.wills@toop.com.au

www.14-355fullarton.toop.com.au

GLENELG NORTH 3 Bed 2 Bath 2 Car

14 Cygnet Court

Peter McMillan 0417 733 900

Glenn McMillan 0476 394 663 www.14cygnet.toop.com.au

Sat 2 September 11:30am - 12:15pm Open:

HENLEY BEACH 3 Bed 1 Bath

34 Main Street Contact agent

Gena Nash 0408 828 415

Lew Toop 0419 888 893 www.34main.toop.com.au Sat 16 September 11am on site

Auction: Sat 2 September 11:30am - 12pm

Open:

197a Childers Street

Grant Wills 0419 865 829 grant.wills@toop.com.au www.197achilders.toop.com.au Sat 2 September 1:30pm - 1:45pm

Sharee Redic 0407 722 660

Cassandra Yeates 0407 871 851 www.5northwood.toop.com.au Sat

PROSPECT

26 Livingstone Avenue

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

PROSPECT

12 Elizabeth Street

Thomas Crawford 0448 888 816

4 Bed 1 Bath 4 Car

Contact agent

Open:

Sat 2 September 11am on site

Auction: Sat 2 September 10:30am - 11am

4 Bed 2 Bath 4 Car

Contact agent

Jake Theo 0422 959 650 www.12elizabeth.toop.com.au Sat 2 September 10am on site

Auction: Sat 2 September 9:30am - 10am

Open:

ST PETERS

57 Sixth Avenue

Sally Cameron 0412 915 108

Sally.Cameron@toop.com.au

www.57sixth.toop.com.au

Open:

Auction:

3 Bed 2 Bath 2 Car

Contact agent

Sat 2 September 2pm - 2:30pm

Sat 9 September 12:30pm on site

STEPNEY 3 Bed 2 Bath 2 Car

35A Ann Street

Sally Cameron 0412 915 108

sally.cameron@toop.com.au

www.35aann.toop.com.au

Open:

Auction:

Contact agent

Sat 2 September 12:30pm - 1pm

Sat 9 September 10:30am on site

Sharee Redic 0407 722 660

Yeates 0407 871 851

Alfred Road

Thomas Crawford 0448 888 816 Jake Theo 0422 959 650

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