Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for March 2023
Adelaide Residential Market / Your insights for March 2023
The Australian property market has been undergoing a cooling-off period, with several cities experiencing a decline in property values. However, Adelaide continues to hold strong. In fact, since the onset of the pandemic, Adelaide has recorded the largest capital gains compared to other capital cities in Australia. In July 2022, Adelaide reached a record high, and even with a 2.1% drop from that high, the city is still outperforming other cities in terms of property values.
At Ouwens Casserly, we are experiencing excellent buyer demand across all our markets, as Adelaide continues to outperform the decade-average annual sales volume by 4.6%. Although 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 are taking a bit longer to sell, with the median days on the market increasing to 37 in the three months to January.
It is worth noting that housing values would need to fall a significant 29.4% in Adelaide before wiping out the gains from COVID. While other cities in Australia may be experiencing a decline in property values, Adelaide’s resilience and stability make it a solid choice for investment in the real estate market.
At Ouwens Casserly last month, we launched our Lonsdale branch, and sold 51 homes at an average sale price of around $1.04m, proving that Adelaide’s real estate market is thriving.
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.
