Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for May 2023
Adelaide Residential Market / Your Insights for May 2023
The Australian real estate market has experienced significant fluctuations in recent times. However, amidst the ups and downs, there are positive indicators that we are excited to share with you today.
According to a recent report by CoreLogic, the market is showing signs of stabilization, with a notable month-on-month rise of 0.6% in March. This increase marks the first positive movement since April of last year. Several factors have contributed to the rise in home values, including low advertised stock levels, tight rental conditions, and an increased demand fueled by overseas migration.
While some cities have experienced a slight softening in housing values over the past eight months, let’s turn our attention to Adelaide, where the real estate market has shown remarkable resilience. Despite a modest 2.4% dip in housing values since its peak in July 2022, Adelaide housing values still remain 41% higher than pre-Covid levels, amounting to approximately $188,000. Additionally, Adelaide boasts the tightest rental vacancy rate of any capital city, standing at just 0.3%. This scarcity in rental properties has led to an impressive 11.5% increase in rents over the past year, equating to roughly $237 more each month for tenants.
At Ouwens Casserly Real Estate, we have witnessed strong buyer demand across all our markets, despite lower sales volumes compared to the previous year. In April alone, we successfully sold over 50 homes, which serves as a testament to the thriving real estate market in Adelaide.
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.
