TOOP+TOOP Magazine - August 25 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

0466 229 880

0448 888 816

Doran 0466 229 880

Crawford 0448 888 816

Theo 0422 959 650

Grant Wills 0419 865 829

0466 229

Redic 0407 722 660

Yeates 0407 871 851

Crawford 0448 888 816

Doran 0466 229 880

41 California Street

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

www.41california.toop.com.au

NORTH ADELAIDE

197a Childers Street

Grant Wills 0419 865 829

grant.wills@toop.com.au

www.197achilders.toop.com.au

PROSPECT

26 Livingstone Avenue

4 Bed 1 Bath 4 Car

Contact agent

PROSPECT

12 Elizabeth Street

Thomas Crawford 0448 888 816

Jake Theo 0422 959 650 www.12elizabeth.toop.com.au

Auction: Sat 26 August 11:15am - 11:45am

Open:

Grant Wills 0419 865 829 grant.wills@toop.com.au www.26livingstone.toop.com.au Sat 2 September 11am on site

4 Bed 2 Bath 4 Car

Contact agent

Open:

Sat 26 August 12:30pm - 1pm

0422 429 939

0407 871 851

Ryan Yuan 0422 429 939

Lalita Yuan 0433 402 255 www.25-52ahenry.toop.com.au

0412 915 108