May 24, 2021
The latest Adelaide real estate market news, with Bronte Manuel
Despite an ongoing correction in previously sparse listing levels, Adelaide property values continue to climb at a rate not seen in many years.
According to property market analyst Core Logic, home values here remain at record-high levels on the back of a double-digit increase over the past 12 months, which is among the highest growth rates in the nation.
That includes a 4.3 per cent increase for the quarter and a two per cent spike over the past month.
At a national level, home values rose 6.8 per cent over the past three months, the highest quarterly growth rate since December 1988.
In fact, every capital city is recording a rapid rate of appreciation in home values, ranging from a quarterly rise of 8.8 per cent in Sydney to 4.2 per cent in Perth.
The number of properties being sold is also on the rise.
Core Logic estimates sales volumes increased 22.6 per cent nationally over the past 12 months, including a 12.9 per cent rise in Adelaide.
Homes are selling more quickly, too. In the past three months, median time on market across Australia fell to 29 days, the lowest level since October 2003. In Adelaide the median days on market is 36, compared with 50 at the same time last year.
The in-house data we have gathered at TOOP+TOOP certainly supports those broader findings.
On average, we sold just over two properties per day over the past month, including four through our off-market selling tool, the TOOP VAULT. Many of those sales achieved prices well beyond vendor expectations, including some that broke new ground for their area.
Our 340 property inspections for the month attracted 2867 attendees, including 784 that were new to the market, a strong indicator that increased prices have not impacted negatively on buyer sentiment.
Digital data was equally strong, with more than 120,000 visitors to our property listings on toop.com.au.
The strong selling environment can still be attributed to a few significant factors, including powerful buyer demand, low stock levels and favourable borrowing conditions.
While growth rates are extremely elevated, the rolling 28-day change in the daily Core Logic Home Value index has started to slow, an early indicator that momentum is easing.
There’s been no sign of a slowdown in Adelaide, however, with inquiries remaining at peak levels. Our general advice to vendors hesitant to list their property has been to progress plans as soon as possible.