Federal budget roll out cements confidence in the Adelaide property market / Market in a Minute Ep. 4

Short, sharp, stats & updates on what’s happening in Adelaide’s property market.
Episode 4 – April 2021

HIGHLIGHTS:

Federal Budget

This month we saw the rollout of the Federal budget, with outlined that the government’s significant spending strategy will continue, which will only provide further confidence to the economy and add more strength to the Adelaide property market.

The government announced:

– 10,000 single parents will be able to purchase a new or established property with just a 2% deposit

– A further 10,000 First Home Buyers will be able to purchase a home with a 5% deposit

– An increase to the amount of the First Home Super Saver Scheme from $30k to $50k

– The ability for those now aged 60 and above to contribute up to $300k to their superannuation fund when downsizing their home.

Adelaide Market

Adelaide’s property prices rose by 2% in April, which takes us to an annual increase of just over 10% year to date, and in some pockets of the market, we feel this is more likely to be a 20%-30% uplift.

More new listings are coming onto the market as sellers make the most of strong market conditions and high auction clearance rates, but properties are selling quickly, at the quickest rate in nearly 20 years! This is probably why many buyers continually feel there is a lack of stock on the market, which may not necessarily be the case, it is just that properties are selling so fast.

In some markets across Adelaide, we are seeing slight ease in demand as buyers start to withdraw due to the frustration of continually missing out. This is particularly the case for first home buyers who are now starting to withdraw from the market however investors are back! With investor lending now up 12% from the previous period.

Overall, still good news for sellers. With no overseas travel in the foreseeable future, continued low-interest rates, and easy access to equity, we feel we will continue to see a strong and healthy market for the current quarter, and into the new FY.

In other news…

Talking of positive markets, charity auction activity has increased, and at the recent Coopers Foundation charity day, we saw strong bidding from multiple parties and businesses, which is another sign of the strength and confidence in the SA economy.

This leads me to my final point, the Vinnies CEO Sleepout. This year it’s Alex Ouwens’ turn to sleep out in the cold with only a small piece of cardboard for comfort. I participated two years ago, and it was extremely challenging, but a great cause to raise money for the homeless in South Australia. So please get behind Alex and the team at Vinnies by donating.

Donate now, click here. 

If you are buying, selling, or renting, please reach out to one of the team members at OC.

WANT TO KNOW MORE?
Looking to take advantage of the current market boom?
Request an appraisal with one of our agents >> CLICK HERE

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Download our Auction Bidders guide >> CLICK HERE

MAKE IT HAPPEN™

Alex Ouwens and Nathan Casserly have a genuine passion for real estate and love to help people achieve their goals and dreams through property. Find out more about OC  here.

Interested in a career at Ouwens Casserly Real Estate? Check out our opportunities here.

Disclaimer: Information in this blog is accurate at the time of publication. Please verify details and consult your agent before making any decisions.