A combination of state and federal elections and an interest rate rise would typically create some level of market uncertainty.

But Adelaide property continued to perform at nation-leading levels on the back of consistently strong buyer competition.

According to the latest data from property market analyst CoreLogic, home values here increased by 1.9 per cent over the past month, the highest growth rate of any capital city.

By comparison, Sydney prices dropped by 0.2 per cent for the same period, while Melbourne values were unchanged.

Adelaide’s strong month of results was on the back of a 5.4 per cent increase for the quarter and 26.2 per cent spike over the past 12 months. As a result, dwelling values here remain at record-high levels.

As has been the case for much of the past two years, low listings levels have been a major driver in the upward price trend.

At the national level, total listings remain well below the average for this time of year, as high sales volumes helped absorb advertised stock. Total stock levels remain 30.3 per cent below the five-year average.

In Adelaide, total listings are down 21.4 per cent compared with 12 months ago, the largest drop of any capital city. That figure has been exacerbated by a drop in fresh listings, too, with 8.2 per cent fewer properties entering the market compared with the same time last year.

That created a familiar scenario, where there were simply more buyers than suitable available properties.

Feedback from our TOOP+TOOP sales team certainly supported CoreLogic’s data.

Well-located, well-presented homes continue to attract strong buyer demand, with most properties selling quickly at prices above vendor expectations.

We attracted more than 3000 attendees to property inspections for the month, which resulted in an average of around two sales per day.

The average price of those sales was $1.15 million. While not quite as strong as the previous month, those results still indicate very buoyant selling conditions.

Digital data was strong, too, with almost 40,000 unique web visits to toop.com.au over a four-week period.

It’s interesting to note CoreLogic’s Home Value Index for the combined capital cities stabilised at 0.3 per cent last month. They predict housing credit is expected to slow amid higher interest rates, which may put further downward pressure on growth rates through the middle of the year.

Though it appears the market may slow on the eastern seaboard, particularly in Melbourne and Sydney, our observations suggest Adelaide homes will remain in high demand for some time.

The federal Labor Government’s proposed Help to Buy scheme, due to launch in July, could also provide additional market stimulus.

That scheme proposes that the government will co-fund up to 40 per cent of the purchase price for new homes and 30 per cent for established dwellings. Buyers would source the rest of finance with a deposit as little as 2 per cent.

There will be 10,000 spots available, and it is restricted to owner-occupier buyers who don’t currently own property.

There is an income cap of $90,000 for individuals and $120,000 for couples.

In Adelaide, the property price must be $550,000 or less to be eligible for the scheme, so it is unlikely to have any impact on the higher end of the market.