Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for April 2023
Adelaide Residential Market / Your Insights for April 2023
According to PropTrack’s latest report, National home prices increased for the third consecutive month in March, rising by 0.13%, and Adelaide posting a 0.1% rise for the period. Regional South Australia continues its strong performance with prices rising 0.22% in March to reach a new price peak and now 10.87% above levels in March 2022.
Despite ten consecutive interest rate rises, Adelaide property prices remain resilient, underpinned by lower stock levels, and accompanied with a tight rental market and a rebound in immigration and the return of foreign students. The RBA’s recent announcement to leave interest rates on hold in April is sure to provide some welcome relief to property owners.
Within the market, there is a noticeable trend of newly built or renovated homes carrying a premium as buyers grow hesitant over build costs and builder availability. At Ouwens Casserly, we’re seeing a strong market with plenty of buyer demand. Interestingly, the average open home attendance for properties in March was comparable to the same period last year, and Days on Market fell compared to February.
We sold 102 homes at an average sale price of around $1.014m, which just goes to show that Adelaide’s real estate market is still thriving. OC’s auction clearance rate for the month was 85%, well above the industry average, with the final two weekends in March recording 100% clearance rates.
While there are several factors that could trigger downward pressure on property prices, including some fixed rate loans approaching expiry, Adelaide remains resilient and recent sentiment amongst buyers and inspections appears to be on the rise.
If you are looking to buy, sell, lease or have your property managed, reach out to one of our specialist property consultants here within the OC team.
