Welcome to your market insight, everything you need to know about the South Australian real estate market!
As we approach the end of the year and gear up for a fresh start in 2024, here’s a summary of the Adelaide real estate market’s performance over the past twelve months.
Take a look through our report below.
Summary of the market
According to the CoreLogic report, national home values increased by 7.0% in the year leading up to November. This marks the highest annual rate of increase since July 2022. Dwelling values across the combined capitals rose by 0.6% in November. Monthly growth in the capital cities has generally slowed down since reaching a recent high of 1.5% in May.
In the realm of monetary policy, the Reserve Bank of Australia (RBA) maintained interest rates at 4.1% for a while, providing relief to homeowners and investors, but recently raised them to 4.35% in November to mitigate inflation risks.
Housing values in Adelaide increased by $9,100 in October, reflecting a 1.3% growth since hitting a low point in March. Housing values have surged by 7.7%, setting a new record high each month since June. Tight supply conditions, a low vacancy rate, and consistent buyer demand have contributed to this positive trend.
At Ouwens Casserly, 2023 has been marked by significant growth, strategic partnerships, and recognition. Since our last update, in our ongoing efforts to enhance the level of service available to clients, we brought on board a team of experts with the acquisition of boutique agencies, Timms Real Estate, Bayly Real Estate, Elite Real Estate and Elders Real Estate Glenelg.
This commitment to excellence culminated in prestigious recognition, as we clinched the titles of Community Service (Winner), Residential Agency – Large (Silver), and Property Management Agency – Large (Bronze) at the REISAs 2023. Additionally, we proudly stand as finalists for Major Independent of the Year and Social & Community Program of the Year at the upcoming REBs 2024 awards in February.
As we wrap up the year and look forward to a promising 2024, we hope you enjoy our 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.
