September 21, 2021
Latest Adelaide property market news, with Bronte Manuel
While the rate of growth of home values has eased marginally in recent months, the Adelaide property market remains as buoyant as it has been in decades.
According to the most recent date from property market analyst CoreLogic, home values here rose by 1.9 per cent for the month and 5.3 per cent for the quarter, resulting in annual growth of 17.9 per cent.
That’s similar to the national figure, where home values rose by 18.4 per cent over the past 12 months, the highest rate of annual appreciation since July 1989.
At TOOP+TOOP, we continue to experience extraordinary demand for property at all price points.
We completed the sales of almost 20 properties each week over the past month, with an average sale price a few hundred dollars shy of $1 million.
We’ve also noticed an increase in activity in our exclusive TOOP VAULT, which provides registered members with VIP access to properties before they hit the open market.
Some properties are receiving bold offers as soon as they hit the Vault, with members trying to secure homes before they become more broadly available.
As a result, a number of our homes are selling well before being listed on public property portals like realestate.com.au at prices significantly exceeding vendor expectations.
It’s interesting to note the top end of the Adelaide market has been particularly strong.
The upper quartile of dwelling values has experienced the most significant growth over the past three months, up by 6.6 per cent, compared with 4.6 per cent and 3.3 per cent for the middle and lower quartiles respectively.
The median days an Adelaide home is on the market before being sold has dropped, too. It’s sitting at 35 days, compared with 55 days 12 months ago, another key indicator of market conditions.
It seems widespread mainstream media coverage about the strength of the market, coinciding with the spring selling season, has motivated more vendors to list their properties for sale, with new listing levels up by 35 per cent compared with the same time last year.
However, they’re still being absorbed by the volume of sales, which have risen by more than 32 per cent over the past 12 months, maintaining a scenario where there are more active buyers than available homes.
That’s kept total listing levels lower than we’d usually expect, with 25 per cent fewer properties on the market in Adelaide compared with this time last year.
While the Adelaide market is as strong as it has been in recent memory, there has been recent anecdotal evidence that the favourable selling conditions have heightened some vendors’ price expectations, which could in turn reduce buyer competition for those homes.