Bronte Manuel's Adelaide market update for November

A continued sparsity of stock, combined with extraordinary buyer demand, resulted in a string of outstanding sales results as we approach the close of the year.

While Spring has traditionally been a peak period for property transactions, the in-house data we’ve gathered indicates this is one of the most exceptional selling periods we’ve experienced for some time.

At Toop&Toop, our team sold almost 20 properties a week during November at an average price of more than $1.15 million. Six of those homes were sold without hitting the public market, another barometer of strong buyer intent.

Those results were achieved on the back of 459 property inspections for the month which attracted more than 3300 attendees, including more than 1000 buyers who were new to our database.

It’s worth noting those attendance numbers were complemented by significant inquiry from interstate buyers keen to tap into the blossoming Adelaide market.

Our digital traffic data was equally impressive. Our properties were viewed more than 136,000 times on the Toop website, while views on realestate.com.au grew by almost 15 per cent compared with the previous month.

{"type":"Link","id":"7sB3zr0acR7W38B52QMIG2","numimg":0}{"type":"Link","id":"6dg70mOUfkV8Nn8azVg4tL","numimg":0}

Certainly, the latest findings from property market analyst Core Logic highlights the strength of the Adelaide property market, particularly over the past quarter.

Dwelling values here again hit record highs on the back of a 1.3 per cent increase in November. That followed a quarterly increase of 3.4 per cent and a 5.3 per cent jump year-on-year.

At a national level, home values experienced growth in most capital cities over the three months to November, with a combined increase of 0.7 per cent. Melbourne was the only city to register a decline, with values there sliding by 0.4 per cent.

Adelaide was a particularly strong performer compared with other capital cities, with our quarterly increase of 3.4 per cent second behind only Darwin (4.7%) over the past three months.

The time Adelaide properties are taking to sell has also reduced, with the median days on market sitting at 42 compared with 49 in November 2019.

There’s no doubt that ongoing low stock levels have been a significant driver of these latest sales results.

The most recent Core Logic report showed that Adelaide had recorded the second-highest drop in total listings, with a 33.8 per cent decrease from the equivalent period last year. Only Darwin (38.8%) registered a bigger drop. Across all capital cities, total listings were down 14 per cent, with Melbourne (2.8%) the only capital in positive territory.

The volume of new listings in Adelaide has also decreased significantly compared with the same time last year, down 12.1 per cent. That’s counter to most other capital cities, where there has been an average increase in new listings of 8.2 per cent, including a 20.8 per cent spike in Melbourne.

Sales can typically slow as we approach Christmas but given the current environment with a large pool of eager buyers and relatively low stock levels, we’re expecting activity to remain strong through December and into the new year.

Bronte Manuel
My recent blogs