A short, sharp update on what’s happening in the Adelaide Property Market in May 2022.
Market in a Minute / Episode 14
Dwelling values in Australia dipped below 20% (18.2%) for the first time since August 2021. The monthly rates were up virtually in most cities but there is mounting evidence showcasing that the housing growth rate is losing some momentum.
At the national level, sales numbers spiked over 20% over the last year, to an estimated 603,000. Looking into South Australia, Adelaide continues to shine in comparison to major capital cities like Sydney (0.3%) and Melbourne (0.1%), with a 5.7% price growth over the first quarter of this year.
Adelaide housing values rose another 1.9% in March making it a consistent charmer to the property investors this quarter, with highly motivated sellers and engaged buyers – Auctions remain popular as ever. At Ouwens Casserly, we had more than 160 auctions and we saw success in ALL of them.
One of the key factors pushing up the property prices in Adelaide is the ongoing shortage of advertised supply. The total advertised listings are more the 40% below the previous five year average, whereas total sales were estimated 53% above the previous 5 year average through the first quarter of the year.
Currently, our auction clearance rate at OC stands at 100% for the month in comparison to 68.0% across the nation.
On the rental market front, Adelaide’s rental values rose to 8.5% and global border restrictions relaxation resulting in a new surge of migrants may also have a positive impact on Adelaide’s rental market.
Our team attracted more than 2,800 participants to our property inspections and our properties’ median number of days on market was recorded at enviable 28 days compared to the national record of 32.
Low mortgage rates continue to incentivise buyers’ and investors’ activity 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, and boutique townhouse developments continuing to be in high demand. Check them out here.
Finally, we are pleased to announce that REB’s SA Top 50 Agents 2022 ranking revealed that the majority of South Australia’s top performers are part of Ouwens Casserly Real estate. The REB’s second annual ranking and independent list set the benchmark for agents operating within South Australian real estate who are focused on residential sales. This formal recognition and respect earnt by our agents and team further motivate us toward our purpose of helping people realise their dreams and aspirations through the property. Read about it more here.
That’s a wrap for another ‘market in a minute’, and if you are looking to buy, sell, rent or have your property managed please reach out to one of the OC team.