Adelaide, SA (30 August 2021) With NSW in lockdown and Victoria working hard to manage the latest COVID-19 strain, in South Australian, real estate vendors can look forward to a bumper spring selling market, according to a leading real estate group.
Data from Raine & Horne shows that demand for real estate in South Australia is at all-time highs, with property values up 15.8% since July 2020 when the state’s COVID-19 recovery hit full tilt.
Over the same period, property settlements increased by 37%, while on the supply-side, the number of properties for sale in South Australia is 22.5% lower than a year ago.
“In Adelaide, we don’t have enough properties for sale to meet the demand of local first home buyers, upgraders or downsizers, let alone interstate buyers seeking to call South Australia home,” said James Trimble, General Manager, Raine & Horne.
Raine & Horne reported in March 2021 a 30% surge in interstate buyer enquiries compared to the same month a year before[i]. New industry data supports this research confirming that interstate buyers purchased more than 10% of homes sold in South Australia in the 12 months to June 2021.
Mr Trimble explained, “Interstate buyers are moving to South Australia because our median price is about 50% more affordable than the Sydney median price and 30% cheaper than Melbourne, while our record on managing COVID is impeccable to date, a factor that is also fuelling interstate demand and local buyer confidence.
“The combination of more local and interstate buyers and fewer listings coming to market means we expect a bumper spring 2021 selling market for those vendors who choose to list between now and Christmas.”
Jacky Yang, Co-Principal of Raine & Horne Unley, confirms property listings are in short supply in Hyde Park, Unley, Unley Park, Malvern, and Parkside. Moreover, Mr Yang said the lack of listings has contributed significantly to higher prices in Adelaide’s inner southern suburbs over the last 12 months.
“In our patch, sales volumes are very tight, yet buyer demand is strong and as such, we have enjoyed a tremendous year with values closer to 20% higher than 12 months ago,” said Mr Yang.
“We are still generating appraisals but are encouraging vendors who are considering a sale to take advantage of unprecedented buyer demand to realise some decent capital growth between now and Christmas.”
For further media information contact:
James Trimble, General Manager, Raine & Horne on 0438 596 728
Anjee Hopton, National Marketing Manager, Raine & Horne Group on 0447 552 019