Despite some positive signs, a genuine spike in listing levels has not materialised as we move deep into the spring selling season.

While the latest report from property market analyst CoreLogic shows the volume of new listings to hit the market in Adelaide last month grew by 4.7 per cent compared with the same time last year, total listing levels are down 14 per cent year-on-year off an already-low base.

It’s fair to say that Adelaide real estate has, in recent years, been defined by a clear trend: dwindling stock levels.

Right now, there are fewer than 4300 properties listed on the open market in Adelaide. Roll back to the same time last year, and we had 4548 listings. Rewind another 12 months to 2021, and that number sat at 4990. In 2020, there were 5775 properties on the market. Based on those figures, stock levels have slumped by more than 20 per cent over the past three years.

This steady shrinkage in listings year-on-year has sparked significant buyer competition, pushing dwelling values to unprecedented levels.

CoreLogic reported that Adelaide dwelling values rose by 1.7 per cent last month, 4.3 per cent for the quarter and 5 per cent over 12 months. That three-monthly figure leads all capital cities, with Brisbane enjoying the second-highest growth rate at 3.9 per cent. The 12-month increase is in line with the national capital city average of 5.1 per cent.

There’s no doubt the scarcity of listings remains a key catalyst for price growth.

TOOP+TOOP’s experiences over the past month certainly echo that sentiment.

We had more than 2000 attendees through our open inspection last month – and fewer than 50 properties were sold. That’s a clear indication that there are a lot of buyers still searching for the right property.

Our team sold 47 properties last month at an average price of $1,223,540, with many homes attracting multiple offers beyond vendor expectations.

Digital data was similarly strong, with more than 150,000 unique views of the toop.com.au website and a reach close to 300,000 across our corporate social media channels.

Based on recent history, we’d expect the market to continue at a steady pace right through to Christmas, as both buyers and sellers try to complete transactions before the end-of-year holidays.