Property prices in Australia have officially risen to over 20% in the past 12 months, and Adelaide continues to standout in comparison to major capital cities like Sydney (0.8%) and Melbourne (0.2%), with a 6.4% price growth over the first quarter of this year.
In the recent election South Australia saw a change in government. We are yet to know the full impact of this change; however, we continue to see a rise in the number of properties entering and an influx of new buyers in our market.
At the national level, sales numbers rose by nearly 40% over the last year, to an estimated 650,000. Looking into the South Australian property market, with highly engaged buyers, properties continue to sell fast, and Auctions remain popular as ever. Adelaide recorded the second-strongest preliminary clearance rate in the country.
Regions like metropolitan Adelaide, Barossa, Yorke-Peninsula and mid-north regions saw the highest demand per listing – showcasing consistent growth of our market.
At Ouwens Casserly, we have noticed a rise in appraisal requests from sellers motivated to capitalise the current market. Last month, we had more than 50 auctions and we saw success in ALL of them with an average sales price of $1.18m.
One to highlight was our recent sale of a renovated period bungalow in Pennington which reached a whopping $1.063m under the hammer, nearly $300,000 above the previous highest sale price for the area. Currently our auction clearance rate at OC stands at 100% for the month in comparison to 72.4% across the state.
Our team attracted more than 3,900 participants to our property inspections and our properties’ median number of days in market was recorded at enviable 25.7 days compared to the national record of 30. We also saw a rise in our digital traffic, with monthly views rising to nearly 130,000 views.
On the rental market front, Adelaide’s rental values increase to 8.3% and as border restrictions have eased and international students start returning to universities, we expect to see EVEN more rise in rental demand in the coming months. With continuing low interest rates, we see a strong buyer sediment and investor interest in the Adelaide property market.
Our construction market remains strong as well, with continued interest in newly built coastal developments, significant progress in much awaited CBD projects, boutique townhouse developments continuing to be in high demand.
If you are looking to buy, sell, rent or have your property managed please reach out to one of the OC team.