September 2024 – Adelaide Property Market Update
Key Takeaways:
- National growth is at 1%, while South Australia continues to outperform with 4% growth, making Adelaide one of the strongest markets.
- The spring selling season is underway, with increased supply. However, stock levels remain lower than pre-COVID years, and quieter activity is expected over the Christmas period.
- Building values have increased by 41% over the past four years, primarily due to rising construction costs.
- Interest rates may drop early next year, potentially further stimulating buyer interest.
- Rental market: Rents in Adelaide have declined for the first time in years, largely due to affordability concerns.
Advice for Buyers:
- Be buyer-ready: Consult with Rise High to organise your finances.
- Stay ahead: Register on Turner’s website and other real estate agents’ websites to access the latest listings and automatically match with available properties.
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June 2024 – Adelaide Property Market Update
Key takeaways:
- As a result of low stock, Adelaide’s median house price is $783,000, which is approximately 15% greater than 12 months ago.
- Auction clearance rates are slowing due to buyers wanting certainty about the economy and their budget.
- While rent is growing, it’s been slowing down over the June quarter. Renters are “price sensitive”, and there is high demand for property costing under $500 a week.
- Several rental reforms have been announced over the quarter:
- A pet cannot reasonably be refused. This means landlords must consider pets, and there needs to be fair justifications for refusal.
- ‘No cause’ evictions have been banned in South Australia. Unless a tenant has breached their tenancy, a landlord wants to move themselves or relatives into the property, disruptive renovations will be carried out, or a tenant chooses to leave, tenants cannot be forced to leave at the end of their fixed-term lease.
- Construction costs are 30% more expensive than pre-COVID. However, the June quarter saw the slowest rise since COVID.
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April 2024 – Adelaide Property Market Update
Key takeaways:
- Adelaide is the strongest market nationally, 13% YoY increase. Interstate investors are keen to invest in Adelaide due to lower price points and increasingly high rental yields
- In terms of properties, supply is really low and with an increasing number of buyers and a high immigration rate, the market is standing in favour of existing investors. Rent median values now stand above median rent values in Melbourne. Rental yields now seem to be stabilizing
- Interest rates are less likely to move now, with the Reserve Bank meeting less often they’ll remain constant for longer periods
- When looking to buy, registering with real estate agencies directly will likely provide you the best value. A growing trend of properties being released to internal databases of customer before they are publically shared on big real estate portals will have you securing the best offer if you are directly registered with the agencies that operate in the areas you are keen to buy
- There is an important housing supply issue which will continue to impact the property market, with lower building approvals than what is needed and intended by the government to ease our housing supply crisis
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January 2024 – Adelaide Property Market Update
Key takeaways:
- Buyers are extremely active in the marketplace, interest rate rises don’t seem to have dampened demand. A great time to be a seller
- House-for-sale volumes are lower than they were last year at this time of the year maintaining levels at record lows, with the prospect of listing volumes starting to pick up towards February
- Adelaide was the leading city in Australia for Property Market Growth in the December quarter, market growth is not showing any signs of stopping soon
- Australia’s population is growing significantly, yet infrastructure and housing are struggling to keep up with this growth. As a result, prices are being pushed up with high demand surpassing supply
- The nationwide value of property hit a new record last year, and there is great potential for that record to be exceeded this year
- Interest rate drops could be on the horizon if inflation keeps moving down like it recently has
- Adelaide rent costs have now surpassed Melbourne’s, showing massive growth throughout the past quarter and 12 months. At present, prices are starting to stabilize but are unlikely to decrease
- Unit prices are now at record levels, and lots of units are being sold by agents before hitting the open market so it is advisable to register with them to receive the best insights and opportunities
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