Adelaide market update with Bronte Manuel

from TOOP+TOOP Magazine - June 2 2023

Vault’s value on rise as stock levels dip

While property markets on the eastern seaboard have experienced significant declines over the past year, Adelaide real estate continues to defy the trend.

The latest report from property market analyst CoreLogic shows that dwelling values in Sydney, Brisbane and Melbourne have dropped by 10.7 per cent, 9.8 per cent and 8.9 per cent respectively over a 12-month period.

In contrast, Adelaide property prices have increased by 1.3 per cent over the same period. Perth is the only other capital city to experience annual growth, also by 1.3 per cent.

According to CoreLogic, dwelling values in Adelaide are down just 0.1 per cent over the past quarter and actually rose by 0.2 per cent last month.

As a result, home values here now sit just 2.2 per cent below the record-high levels established in July 2022.

It’s interesting to note that homes in the more affordable price range have enjoyed the strongest growth over the past three months.

CoreLogic’s stratified hedonic dwelling index showed that Adelaide properties in the lowest quartile enjoyed a 1.8 per cent spike in value, while there was a 0.4 increase in the middle quartile. However, homes in the upper quartile dipped by 1.3 per cent.

At TOOP+TOOP, we continued to achieve strong results at all price points.

Our team sold almost 50 properties for the month at an average price of more than $1.1 million. Our average time on market was just 20 days, compared with the broader Adelaide average for all agencies of 31 days.

Put simply, good-quality listings with TOOP+TOOP are still selling quickly and achieving excellent prices.

Our volume of sales did dip marginally last month, but that’s in line with a broader national trend. CoreLogic estimated there were 35,398 sales nationally for the month, a decrease of 21.5 per cent compared with the same period last year.

Our digital data was extremely strong last month, with the toop.com.au website attracting almost 150,000 unique users and our social media accounts reaching more than 185,000 users.

While buyer interest and activity has remained consistently high in Adelaide, stock levels continue to be lower than expected.

According to CoreLogic, there were 137,269 properties listed for sale nationally over the latest four-week period, with 31,356 of those listings new to the marketplace.

In Adelaide, the volume of new listings for the month dropped by 16.2 per cent, while total advertised stock was down by 16.5 per cent.