With some blue sky now between the Adelaide real estate market and the Federal Election, several of our offices are reporting more groups at open for inspections,” said James Trimble, General Manager, Raine & Horne.
James said, “Most of our offices reported 10-20% more buyer groups at open homes as the fear of the unknown is in the past with the Federal Government returned.”
This newfound confidence is translating to faster and bigger sales. James explained, “We are hearing stories of people making offers before auctions to secure properties. Many of these buyers are concerned that more people will come out of the woodwork now the election campaign is over.”
One Adelaide couple, for example, even paid more to ensure they didn’t miss out on a long-term family home. The house received offers of $830,000 before the election. The couple paid $865,000 to secure the property the week after the election.
Looking ahead, James believes the market for family homes will be most active in Adelaide over the winter. “The decision by APRA to relax its 7% interest rate test points for mortgages will drive the family house market in the winter.”
Likewise, James urges those vendors considering a sale to make a move before the traditional Spring market. “It’s a misnomer that winter in Adelaide is not a good time to sell,” he said.
“Also, the notion that South Australian homes won’t present well in the colder months doesn’t make much sense. Most properties show beautifully in the winter, and it’s not like there is a chance an Adelaide house will be hemmed in by snow and ice prohibiting buyers from an open for inspection.
“Moreover, people still need to live somewhere in winter, while a sale in June, July or August is also a good opportunity to beat the traditional Spring market rush of properties on to the market.”