Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for January/February 2023
Adelaide Residential Market / Your insights for January & February 2023
As we enter the Fringe season, the Australian housing market continues to be slowing down. Nevertheless, there is reassuring news that housing values decreased by only -3.3% in the 3 months to December – a slight improvement from the quarter before.
As a result of the recent surge in inflation, rapidly rising interest rates, and seasonal slowdown, the national housing market is experiencing slower activity. Thus, properties continue to take longer to sell with the median days on the market increasing to 34 days, up from the 20 days recorded in Nov 2021.
Despite some cooling off over the past few months on the national market front, Adelaide has been relatively resilient to price falls, recording a mild dip of 0.8% in housing values.
CoreLogic’s latest report shows the pace of decline is accelerating from month to month. However, Adelaide continues to stand out among other capital cities recording the largest capital gains since the beginning of COVID, with housing values up 41.1% from March 2020.
At Ouwens Casserly last month, we sold 30 homes at an average sale price of around $1,000,000, as the market reactivates from the holiday season.
The national property market is experiencing an adjustment phase with the RBA announcing consecutive rate hikes, but at Ouwens Casserly we feel due to low stock levels, affordable housing values, and record-breaking migration, the long-term trend will remain positive in Adelaide as we continue to see excellent buyer demand across all our markets.
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.
