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Your Real Estate Market Insight / Half Yearly Market Report July 2023

Welcome to your market insight, everything you need to know about the South Australian real estate market!

Here is your summary of how the Adelaide real estate market has performed over the past six months and some expert advice to help you on your property journey.

Take a look through our report below.

Summary of the market

Over the past six months, the real estate market has shown signs of recovery and growth. National dwelling values have continued to recover, with a promising rise of 0.3% for the sixth consecutive month in June. Adelaide has been a consistent strong performer, posting a monthly increase of 0.45% this term. Annual growth for Adelaide houses sits at 5%, whilst and 8% growth has been seen for units.

Economically, the RBA has recently paused interest rates, providing relief to homeowners and investors. Over the past 16-months, Australia has seen 14 interest rate rises, however, prices across the combined capital cities are no higher than they were a year ago. Closer to home, the SA State Government recently announced its budget for the new FY, announcing that Stamp Duty will be abolished for eligible first-home buyers purchasing a new home up to $650,000, progressively phasing out for properties up to $700,000. State Government also reviewed the renting laws, capping rental bonds, banning rent bidding and prohibiting advertising with a rental range.

At Ouwens Casserly, this year has been marked by significant growth, strategic partnerships, and national recognition. In April, OC opened doors to its new headquarters in Eastwood, expanding its reach in the South Australian sphere. With the acquisition of boutique agencies, Timms Real Estate and Bayly Real Estate, OC brought on board a team of experts, enhancing the level of service available to clients. Finally, this dedication to excellence led OC to national recognition bringing home the Top Residential Agency of the Year at the AREAs 2022 and The Social & Community Service Program of the Year at the REBs 2023.

We hope you enjoy our Half Yearly Market Report, if you have any questions or need any advice for buying, selling, investing, managing, renting or developing please contact the team here. We are here to help achieve your property goals.

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