Our monthly Adelaide market update, with Bronte Manuel

Another strong month of results consolidated a standout 2021-22 financial year where Adelaide home values continued to hit record-high levels.

While TOOP+TOOP’S in-person and digital traffic eased slightly last month as we moved into the typically slower winter period, we still sold almost two properties per day at an average price just shy of $1.1 million.

That month of sales capped a remarkable 12-month period for our business, where we consistently delivered premium outcomes for our clients and achieved a string of record results.

Across the 2021-22 financial year, we met 32,450 buyers and sold more than $950 million of property.

The average sale price was beyond $1.2m, with 34 properties achieving a result above $3m and 12 selling for more than $4m, including a stunning home in College Park that changed hands for more than $7m.

While recent interest rate rises may create some hesitancy with a certain segment of buyers, our anecdotal evidence in the field suggests there is still growth left in the Adelaide property market, not at least in part due to ongoing low stock levels.

Certainly, the most recent report from property market analyst CoreLogic confirmed Adelaide property has been performing at nation-leading levels in recent months.

Their data showed that Adelaide outpaced Brisbane to record the highest annual growth in dwelling values amongst the regional and capital city dwelling markets over the past 12 months, at 25.7 per cent and 25.6 per cent respectively.

The lowest rate of appreciation in values was across Melbourne, which recorded a 3.1 per cent increase over the same period.

At a national level, dwelling values are up 11.2 per cent over the past year, but that’s down from a cyclical peak of 22.4 per cent recorded in the 12 months to January 2022.

Adelaide property has clearly outperformed other capital cities over the past quarter, in particular.

Home values here have risen by 5.1 per cent over the past three months, well clear of the second-strongest performer, Brisbane, at 2.7 per cent. Sydney, on the other hand, has registered a 2.8 per cent decrease over that same period.

CoreLogic data also shows that sales volumes at a national level are starting to ease from recent highs. They estimate that in the 12 months to June, there were 584,917 sales nationally, up 3.2 per cent compared to the previous year.

By comparison, Adelaide sales volumes increased by 16.9 per cent increase for the same period.

Combine that with a 15.9 per cent drop in stock levels between June 2021 and June 2022, and it’s easy to understand why buyer competition here remains at peak levels.

Bronte Manuel