Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for Jun 2023.
Adelaide Residential Market / Your Insights for Jun 2023
According to PropTrack’s latest report, national home prices have experienced steady growth for the past five consecutive months. In May, prices saw a significant rise of 0.33%. While this upward trend is notable, it’s important to highlight Adelaide’s outstanding performance during this period.
Adelaide, along with Perth, has emerged as the highest-performing capital city in the past 12 months. In May, Adelaide experienced an impressive growth rate of 0.58%, surpassing other cities. This resilience is especially remarkable considering the multiple interest rate rises the city has witnessed.
Adelaide’s ability to maintain stability amidst interest rate fluctuations can be attributed to a few key factors. Firstly, the city boasts lower-than-average stock levels, which have decreased by approximately 26% nationwide. This limited supply, coupled with consistent buyer demand, has created a favorable environment for sellers.
During May, Adelaide witnessed the return of more interstate buyers. Furthermore, with the re-emergence of immigration and defense contracts, Adelaide appears to be well-positioned for future growth and stabilization. These factors bode well for the city’s real estate market, presenting opportunities for both buyers and sellers.
As we head into winter, we anticipate even tighter stock levels in Adelaide. Many families, who have been unable to travel overseas due to the COVID-19 pandemic for the past 2-3 years, are now planning their long-awaited vacations. Consequently, this may lead to frustration for buyers as the supply diminishes. However, it also creates a prime opportunity for sellers to take advantage of lower competition and potentially secure better deals.
At Ouwens Casserly, we’re proud to share that we successfully sold 78 homes during the period, which is comparable to the same time last year. Although new listings were down by 10%, it’s important to note that the overall market experienced a decline of up to 26%. This indicates OC’s growth within the Adelaide marketplace.
The lower listing volume primarily reflects sellers’ reservations about selling their property before securing a new one due to limited availability. Consequently, OC’s auction clearance rate for May soared well above the industry average. Additionally, auctions have emerged as a preferred method for sellers across all price points, with a 15% increase in new listings being listed for auction.
In summary, as we progress through winter, we anticipate stock levels to tighten further, followed by a small rebound in spring. If you’re considering a winter move, conditions are favorable, and at OC, we’d love to help you Make It Happen.
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.
