Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for July 2023.
Adelaide Residential Market / Your Insights for July 2023
Despite the wintery blues, national home prices have continued their recovery, with a notable 0.3% increase month-on-month. This marks the sixth consecutive increase, indicating a positive trend in the market. The real estate sector across the country is demonstrating signs of resilience and potential for growth.
Among the capital cities, Sydney takes the lead in the bounce back, closely followed by Adelaide, which posted a 0.45% monthly increase. Annual growth for houses in Adelaide currently sits at 5%, whilst an 8% growth has been seen for units.
In a move that brings relief to homeowners and investors, the Reserve Bank of Australia (RBA) recently paused interest rates at its monthly meeting. Over the past 16 months, Australia has seen 14 interest rate rises, however, prices across the combined capital cities are now higher than they were a year ago.
Closer to home, the SA State Government recently announced its budget for the new FY, announcing that Stamp Duty will be abolished for eligible first-home buyers purchasing a new home up to $650,000, progressively phasing out for properties up to $700,000.
The colder weather is not preventing people from inspecting homes. Compared to the same period last year, the average open-home attendance is up 20%. This reflects the emergence of new buyers in the marketplace, and lower stock levels, which are favourable for sellers.
We expect the number of listings to remain tight for July and August due to holidays being high on the agenda, however, if you are considering a move, it may be worthwhile bringing your timeline forward to take advantage of this lower competition levels, putting yourself in a stronger buyer position come spring when it is anticipated that stock levels will pick up.
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.
