December Property Market Update 2023

December Property Market Update, South Australia

The Reserve Bank of Australia recently increased the rate to 4.35%, with expectations of another hike before Christmas. Experts recommend exploring refinancing options to stay ahead of potential mortgage repayment increases. 

Housing values have been steadily increasing since March, with a 7.7% increase and new record highs each month since June. House values are rising slightly faster than unit values, with a 4.2% increase compared to 3.8% over the past three months. Despite a 20% increase in new listings, the number of available houses for sale has remained low, at almost 40% below the average for this time of year.

While most Australian banks predict interest rates to fall in late 2024, it is prudent to consider seeking guidance from a mortgage broker to explore your options. In terms of the Adelaide market, it shows promise due to robust infrastructure, job creation, affordability, and the return of international activities. While other markets retract, Adelaide remains buoyant, attracting savvy investors. 

The sustainability of growth in the current market depends on the balance between supply and demand. The significant influence of interest rates on the market is reducing, and lowering associated risks.

Whether you’re a buyer, seller, or investor, stay tuned to see what the next months bring to the Australian and South Australian property markets! 

Need further advice on the property market in South Australia? Chat to the experienced team at Eastern Conveyancing today.