The Adelaide property market continues to show remarkable stability, with home values here remaining steady through the past financial year despite a string of interest rate rises.

According to property market analyst CoreLogic, dwelling prices in Adelaide are the same as 12 months ago – and just 0.3 per cent below the record high of July 2022.

In fact, Adelaide home values rose by 0.9 per cent for the month and 2.1 per cent for the quarter after a mild dip earlier in the year.

That’s a remarkable result, given there were 10 official rate rises through the 2022-23 financial year.

By comparison, home values at a national level have dropped 5.3 per cent year on year, despite a recent bounce-back.

At TOOP+TOOP, we enjoyed a solid month, selling 59 properties at an average price just shy of $1 million.

Significantly, those homes sold in an average of 18 days, well below the broader industry average in South Australia of 30 days.

The past month capped off a strong 12 months of results for our business through 2022-23.

We sold more than $810 million worth of real estate during the period, at an average price of $1.14m.

That included 292 sales above $1m, 75 above $2m and 28 above $3m.

Our strength at the higher end of the market was highlighted by 11 sales of more than $4m and five above $5m, including a $7.75m sale in North Adelaide.

While we continue to achieve outstanding results for premium properties, CoreLogic reported that the lowest quartile of home values has achieved the strongest quarterly growth across Adelaide, up by 3 per cent compared with 2.4 per cent and 1.4 per cent for the middle and upper quartiles respectively.

A sparsity of stock remains a key reason that Adelaide dwelling values are holding firm.

This time last year we were talking about low stock levels when there were around 4600 properties on the market in Adelaide.

That number has now dropped to 3770.

The latest CoreLogic data shows that the volume of new listings to hit the market here is down 21.4 per cent compared with 12 months ago.

Given that sales volumes are down around 10 per cent over the same period, the competition for available homes remains very buoyant.

It’s also interesting to note CoreLogic estimates that a relatively high portion of new listings added to the market are investment properties. Their data shows investment properties comprise 32.7 per cent of new listings nationally, compared with the decade average of 25 per cent.