October 2023 – Adelaide Property Market Update
- Adelaide’s property market grew 4.3% during the past quarter – the highest growth percentage in the country!
- Growth is forecasted to continue, with present clearance rates at auction reaching unheard levels as high as 90%. Immigration, a more stable market and strong demand are likely to keep driving sustained growth. Undersupply of properties is still lingering with a high level of demand
- Vacancy rates on rentals have remained under 1% for the past 3 years, and rental values have gone up roughly 12.2% in the past year (7.2% in the last quarter)
- Adelaide is experiencing a shortage of roughly 70,000 properties. Definitely a landlord market
- Construction costs remain high, currently sitting at about 30-40% post-covid
Tips for Buyers
- Contact your dedicated Rise High broker and sort out your finances! This will enable you to make quick decisions when opportunities do come up.
- Register with agencies like Turner Real Estate to keep up with the latest listings and access properties before most buyers!
- If there’s no price guide, request par sales in the area! The agent is legally required to provide par sales in the area for you to review and assess
June 2023 – Adelaide Property Market Update
- Hot market! Houses are increasing again in value and there is a chronic undersupply of properties for people to buy and rent.
- Interest rates are likely to continue rising, so it is advisable to factor this extra cost into your budget
- Significant pressure in the housing market was already existent. Migration has exacerbated this pressure
- If you are an investor. HOLD! Make the most out of increasing rental yields and keep the property.
- As a seller, the market is VERY competitive at the moment and sellers have been experiencing great outcomes if you do wish to sell.
- As a buyer, now is the time to buy! Property prices are likely to continue increasing as they usually do. The best time to buy was 20 years ago, the second best time is today.
- Demand for rentals is likely to be sustained for a significant period. If you are looking to rent make your application really competitive to have your best possible chance of success. Register with agencies that do manage properties and lease them before listing them on mainstream sites (i.e. realestate.com.au and the like)
- Our best advice? Reach out to your dedicated Rise High broker to discuss the finance side of things, and get informed about the value of your property and your best options with your trusted real estate agent! Agents like Turner Real Estate can often offer free property appraisals, or help you register as renter or buyer so you are always in the best position to make an informed decision!
April 2023 – Adelaide Property Market Update
- Sales volumes remain low, we are still in a seller’s market. A wonderful time for Property Investors, Landlords and all property owners in general! Not so much for renters and those looking to get their foot in the door
- The Adelaide property market has remained stable throughout the past quarter with no significant growth or fall
- Chronic undersupply of houses for sale and rent in Adelaide with no shortage of renters and buyers, which is likely to keep prices up in Adelaide
- Buyers are still very active, properties are still selling well-above their auction price
- As interest rate increases pause and stop, more certainty is highly likely to improve buyer’s sentiment increasing market activity
- Lots of investment properties have been sold to first-home buyers, contributing to the rental shortage. Rental affordability has significantly decreased bringing about housing issues that are likely to continue being present for the foreseeable future
Bonus Tips for Buyers!
- Keep an open mind: Consider a lot of different properties in different locations
- Be finance ready! Ensure your finances are in place and get your pre-approval on time to open up your opportunities (including properties at auction!)
January 2023 – Adelaide Property Market Update
- Listing volumes are about the same as last year, with great potential for growth
- Buying activity is strong, with serious buyers and sellers approaching the market with caution
- Interest rate rises are slowing down, showing positive signs of stabilizing within the six upcoming months
- Sydney, Brisbane and Melbourne have experienced great drops in dwelling values. Adelaide’s performance has remained strong, with an increase in dwelling values of 10.1% year on year
- Great opportunities ahead for First Home Buyers coming up as listing volumes increase
- Low unemployment and a strong labour market support a positive outlook for Adelaide’s property market
- Rental yields remain high and many rental properties are currently being sold to become owner-occupied. This takes investment properties out of the system and makes the rental situation harder for tenants
- Adelaide’s property market remains resilient!
Keen to know more about the best opportunities for you given the current state of the market? You can learn more about property investment loans and home loans, or please leave your details below for one of our award-winning mortgage brokers to get in touch!