Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for October 2023.
According to the latest CoreLogic report, the National Home Value Index experienced a 0.8% boost in September, marking the eighth consecutive month of the ongoing recovery trend.
Turning our focus to Adelaide, September saw a slowdown in selling activity. New listings in Greater Adelaide decreased by 5.5% during the month, following a strong surge in August, yet sale listings remain 2.1% higher than the same period last year. Amid this, the overall number of listings held steady, barely declining by 0.1%.
Such strong conditions are occurring, while advertised supply levels are 39% below the five-year average for this time of the year, and estimated purchasing activity is 10% above the five-year average.
Such low supply in the face of above-average demand is a key factor supporting value growth. Adelaide’s market has been at record highs since June after recovering from a mild 1.7% drop in values through its fleeting downturn. With advertised stock levels showing no signs of a rise, we can expect Adelaide home values to continue rising.
In the realm of monetary policy, interest rates are now widely anticipated to have reached their peak, maintaining stability since July.
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.
