Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for April 2024.
According to the CoreLogic report, the national Home Value Index (HVI) surged by 1.6% in the March quarter, translating to roughly $12,000 higher for the average home. The monthly fluctuations in housing values across Australian capital cities continue to display a diverse pattern.
However, Adelaide’s housing market particularly stood out, with home values climbing by 1.4% in March, a significant improvement from the 0.9% rise seen in both January and February, surpassing the national average. This upward trend propelled values by 3.3% over the first quarter, adding an estimated $23,000 to the median dwelling value. This consistent performance underscores the city’s economic resilience and its appeal to both investors and homeowners.
Interestingly, the unit sector has exhibited greater strength compared to houses since September last year, with values increasing by 3.9% and 3.3%, respectively, during the March quarter. Notably, growth has been most robust in mid-value units, soaring by 4.8% over the quarter, followed closely by lower quartile house values, which rose by 4.4%.
In the realm of monetary policy, the Reserve Bank of Australia (RBA) maintained the cash rate at 4.35% in March, aligning with expectations amid low inflation figures. Looking ahead, the next interest rate update is scheduled for May 7th. Forecasts hint at the possibility of a rate cut in the second half of the year, reflecting subdued economic growth in recent times.
If you are looking to buy, sell, lease or have your property managed this spring, reach out to one of our specialist property consultants here within the OC team.
