Adelaide market update with Bronte Manuel

Despite regular media speculation about a declining housing market, the reality is there’s no sign of a significant market slowdown in Adelaide as we move deeper into 2023.

At TOOP+TOOP, we sold more than $70 million of property over the past month at an average price approaching $1.05m.

The average days on market for TOOP+TOOP sales also dropped to 25, compared with 36 days across all agencies in Adelaide.

Feedback from our team on the ground is that there’s still strong demand for well-located, well-presented homes at all price points across Adelaide.

There’s no doubt an ongoing sparsity of stock in Adelaide is a key factor.

According to the latest report from property market analyst CoreLogic, there are 5.9 per cent fewer properties on the market in Adelaide compared with 12 months ago, when stock levels were already severely depleted.

At the national level, there were 145,196 listings observed over the past four weeks, but total listings are still markedly lower than the previous five-year average.

Put simply, we’re still facing a scenario where demand is outweighing supply. There’s a large pool of eager buyers competing for a relatively small selection of suitable homes.

The volume of new listings advertised in Adelaide was also down relative to the same period last year, dropping 4.2 per cent.

Those conditions are not expected to change significantly in the near feature, with listing levels likely to trend lower through the cooler months of the year before rising again in spring.

In terms of sale prices, CoreLogic data shows that Adelaide dwelling values have dipped by just 0.1 per cent for the month and 1.1 per cent for the quarter but remain 3 per cent higher than the same time 12 months ago.

Adelaide home values hit their record-high in July 2022 and we are now only 2.4 per cent below that level.

By comparison, dwelling values in Sydney and Melbourne are down 12 per cent and 9 per cent respectively over the past 12 months.

Nationally, home prices are 8 per cent lower over the past 12 months, the largest annual decline on record.

While further interest rate rises could create a level of buyer hesitation, the Adelaide market in general continues to outperform its eastern states counterparts from a selling perspective.

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