Adelaide market update with Bronte Manuel

from TOOP+TOOP Magazine - June 23 2023

Despite another interest rate rise in early June, the Adelaide market has remained stable, mainly due to significantly depleted stock levels.

According to property market analyst CoreLogic, there were 4932 properties listed for sale in the greater metropolitan area of Adelaide in June 2022. That was 17.7 per cent lower than the same period in 2021.

Their latest data shows there are just 3946 dwellings on the public market right now, a decline of a further 25 per cent.

That means that, collectively, there are almost 2000 fewer homes advertised for sale in Adelaide compared with two years ago.

As a result, buyer demand is clearly outweighing supply, creating healthy competition for quality listings.

The latest CoreLogic data showed there were 134,008 listings observed at a national level over the past four weeks, markedly lower than the previous five-year average. Similarly, the volume of new listings to hit the market across the country totalled 30,583, a 16.2 per cent decline on the previous five-year average.

Our team sold almost $110 million of property for the month at an average sale price approaching $1.3m, with median days on market sitting at 24.

This was clearly our strongest set of results for 2023.

CoreLogic reported that Adelaide dwelling values rose by 0.9 per cent last month, 1.1 per cent over the past quarter and 0.4 per cent over the past 12 months. As a result, Adelaide home prices sit just 1.2 per cent below the record high of July 2022.

The results we achieved at TOOP+TOOP last month certainly suggested favourable conditions for sellers.

Adelaide and Perth (2 per cent) are the only capital cities to record value increases over the past 12 months. By contrast, Brisbane, Melbourne and Sydney property prices have dropped by 9.3 per cent, 7.4 per cent and 8.2 per cent respectively.

With the Reserve Bank lifting the cash rate to 4.1 per cent, Adelaide’s relative affordability could be a decisive factor for investors, in particular.

Winter is traditionally a quieter period for real estate, with many sellers preferring to wait until spring to list their property.

As a result, it is unlikely stock levels will increase markedly over the next couple of months, so we’d anticipate good competition for any newly released homes.

When TOOP+TOOP first emerged nearly 40 years ago, we wanted to do more for our clients. We wanted to achieve better sales results, through our bespoke marketing and the intelligent market insights of our team.

We invested in new technology and built the most powerful database in the industry. But more than anything we paid attention to detail, doing the right thing and working both smarter and harder to get the right results.

That drive to be the best and continually evolve for our clients still burns strong.

We blend thoroughly modern ways of working with a team of unrivalled experience. We’re confident about achieving more for you, while remaining humble. We represent the best homes Adelaide has to offer while being approachable and personable.

Expect more with TOOP+TOOP.

Thomas Crawford 0448 888 816

Vincent Doran 0466 229 880 www.16alfred.toop.com.au

ADELAIDE

$1,400,000 342 Halifax Street Jordan Begley 0410 289 240 jordan.begley@toop.com.au 4 Bed 2 Bath 1 Car