Latest real estate market update, with Bronte Manuel

More properties entered the market in the first weeks of spring but that had no apparent negative impact on buyer competition or the value of Adelaide homes.

At TOOP+TOOP, we sold an average of more than two properties per day over the past month, with many receiving multiple offers well above vendor expectations.

That's on the back of bumper attendances at property inspections, with some homes attracting more than 100 buyers over a weekend.

Our average sale price over the past month was $1.229 million, highlighting the strength of the middle and upper end of the market.

The trend of buyers trying to secure properties before they hit the open market continues to build momentum, too.

We sold seven properties through the TOOP VAULT last month, including several particularly outstanding results.

The growing popularity of the TOOP VAULT is another strong measure of high buyer intent.

There have been several instances recently where buyers who have become frustrated at being unable to secure a suitable property on the open market have made offers on Vault properties that vendors could not ignore.

The latest report from property market analyst CoreLogic underlines the buoyant selling conditions.

Adelaide dwelling values have grown by 19.1 per cent over the past 12 months, including a 5.5 per cent jump for the quarter and 1.9 per cent increase for the month.

As a result, Adelaide property values remain at a record high.

That’s similar to data gathered at a national level, where home values have risen by 20.3 per cent for the year, the highest growth rate since June 1989.

It’s worth noting the top end of the Adelaide market was particularly strong, with the upper 25th percentile of home values experiencing the highest growth rate over the past quarter at 6.8 per cent.

New listings in Adelaide trended higher over the past month, too, up 22.7 per cent compared with the same period last year.

However, total listing levels remained down 21 per cent due to strong absorption from sales.

There is no doubt the low stock levels have been a significant factor in driving Adelaide home prices to unprecedented levels.

Despite the upturn in listing volumes, we’re anticipating favourable selling conditions to continue for the rest of 2021 and into the new year.

Bronte Manuel
My recent blogs