The volume of property sales in Adelaide has been typically lower through winter, but buyer competition shows no signs of slowing.

In fact, the latest report from property market analyst CoreLogic shows that Adelaide home values hit a record high last month, edging past the previous mark achieved in July 2022.

According to CoreLogic data, Adelaide dwelling values increased by 1.4 per cent for the month and 3.2 per cent for the past quarter, resulting in annual growth of 1 per cent.

That increase was consistent at all price points, too, with the lowest 25%, middle 50% and highest 25% of values rising by 3.4 per cent, 3.4 per cent and 3 per cent respectively.

At TOOP+TOOP, our results over the past month followed a similar pattern.

While our sales volumes dropped month-on-month by around 25 per cent to 44, the average price of those sales increased by close to 35 per cent to more than $1.36 million, our highest monthly average since last October.

Feedback from our sales team on the ground is that many quality listings are still receiving strong interest at levels beyond vendor expectations. That’s despite widespread media reports around the increased cost of living and a string of interest rate rises.

Adelaide property has certainly outperformed most Australian capital cities, with Perth the only other capital to register year-on-year growth in dwelling values. By comparison, Brisbane, Melbourne and Sydney values have dropped by 6.2 per cent, 4 per cent and 2.1 per cent respectively.

At a national level, home values are down 3.4 per cent annually, but declines are subsiding from an 8 per cent drop in the year to March. CoreLogic also predicts that annual growth may flatten later this year.

Despite continued strong sales results, stock levels remain sparse. Anecdotal evidence suggests that some vendors are hesitant to sell through fear of being unable to secure another suitable property.

CoreLogic reported there were fewer than 3800 homes advertised for sale in Adelaide over a four-week period, a 24.7 per cent decline on the equivalent period last year when listing levels were already considered to be lower than usual.

The volume of new listings to hit the market in Adelaide is also trending significantly lower, down 17.5 per cent compared with 12 months ago.

There are, however, early indications that listing levels may improve as we move into spring.

At TOOP+TOOP, we have certainly seen an increase in vendor inquiries in recent weeks.

This does coincide with the traditional peak selling season but also may be a result of investors looking to offload some property holdings due to affordability challenges.