Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for March 2024.
According to the latest CoreLogic report, Australia’s housing market maintains its upward trajectory, registering a 0.6% increase in the national Home Value Index (HVI) for February. Adelaide, showcasing exceptional resilience, recorded a robust 1.1% surge in dwelling values, outpacing the national average.
Adelaide’s market has consistently demonstrated strength, with monthly growth exceeding 1% for nine of the past ten months. This sustained performance underscores the city’s economic resilience and attractiveness to both investors and homeowners.
A noteworthy trend in February is that the unit market has displayed notable gains over the rolling quarter and the past twelve months. This suggests a potential shift in demand towards higher-density options, likely driven by housing affordability considerations. Units, with values around $285,000 lower than houses, have become an appealing choice for many buyers.
In the realm of monetary policy, the Reserve Bank of Australia (RBA) maintained the cash rate at 4.35% in February, aligning with expectations amid low inflation figures. Looking ahead, the next interest rate update is scheduled for March 19th. Economists anticipate a stabilization, noting that interest rates may have peaked, thanks to easing inflation and a rising unemployment rate (InDaily, 2024).
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.
