While interest rate rises have dominated recent property news headlines, the Adelaide market continues to show remarkable stability and resilience.

After a slightly quieter start to the new financial year, we experienced a significant bounce last month across virtually every metric.

At TOOP+TOOP, we appraised more properties, we sold more homes at a higher average price, we welcomed more attendees to our open inspections, and more people visited the toop.com.au website.

The result was a series of strong sales and the prospect of a busy end to the year.

Last month we sold an average of more than two properties per day at an average price of $1.175 million. That’s roughly $500,000 more than Adelaide’s median house price.

Similarly, unique visitors to our website grew by 10 per cent for the month, while average attendees at our property inspections increased by more than 15 per cent.

The latest report from property market analyst CoreLogic does suggest that Adelaide home prices have started to soften but remain significantly higher than 12 months ago.

Their data showed that while Adelaide dwelling values had dropped by 0.1 per cent over the past month, they still have increased by 1.6 per cent for the quarter and 21.8 per cent over the past year. That’s clearly the highest annual growth rate of any capital city, with Brisbane (17.5 per cent) the only other capital to register a double-digit increase.

At a national level, dwelling values are 4.7 per cent higher over the past 12 months, down rapidly from a cyclical peak of 22.4 per cent in the 12 months to January 2022.

Home values Australia-wide also fell by 3.4 per cent over the past quarter, the biggest quarterly decline in property prices since the 1980s.

Sales volumes are trending lower nationally as buyer demand slows. CoreLogic data estimated there were 574,263 sales across the country over the past 12 months, a 2.3 per cent decrease on the same period a year earlier. And sales for the quarter had dropped 14.8 per cent compared with the previous year.

However, the Adelaide market was much more vibrant, with sales volumes up by 14.4 per cent for the year, second only to Darwin (30.3%).

Stock levels in Adelaide remain relatively low.

The number of new listings to hit the market here last month dropped 4.5 per cent compared with 12 months ago, and the total volume of properties for sale was still down 8.3 per cent.

That’s in contrast to national figures.

CoreLogic data showed that there were 35,213 newly advertised dwellings for sale nationally over the past four weeks. That’s higher than previous years and is expected to rise through spring.

Those relatively sparse listing levels in Adelaide, combined with robust sales volumes, continue to impact on home values here, as demand still outweighs supply.

With activity expected to remain strong through spring, we’re anticipating solid buyer competition for quality homes in the coming months.