TOOP+TOOP Magazine - September 8 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.

0417 457 979

0448 888 816

0422 959 650

25 & 27 Stanley Avenue Contact

Thomas Crawford 0448 888 816

Jake Theo 0422 959 650

29 Third Street Contact agent

Thomas Crawford 0448 888 816

Vincent Doran 0466 229 880 www.29third.toop.com.au Sun

0448 888 816

Doran 0466 229 880

Crawford 0448 888 816

Theo 0422 959 650

513 Tapleys Hill Road

Grant Wills 0419 865 829

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

Peter McMillan 0417 733 900

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

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

Open:

Auction: Sat 9 September 11am - 11:30am

HIGHBURY 5 Bed 2 Bath 2 Car 11 Nobel Court

Contact agent Scott Thomson 0414 427 427 scott.thomson@toop.com.au www.11nobel.toop.com.au

Open:

Sat 9 September 1:15pm - 1:45pm

35A Ann Street Contact

Sally Cameron 0412 915 108

Sally.Cameron@toop.com.au

www.35aann.toop.com.au

Auction:

September

Sat 9 September 10:30am on site

71 Sturt Valley Road $1,800,000 - $1,980,000

Jordan Begley 0410 289 240

jordan.begley@toop.com.au

www.71sturtvalley.toop.com.au

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

Thomas Crawford

0448 888 816

thomas.crawford@toop.com.au

www.vault.toop.com.au BURNSIDE

Thomas Crawford

0448 888 816

thomas.crawford@toop.com.au

www.vault.toop.com.au