February is here already! Let’s see what the property market is up to this month!

Adelaide’s property market showed strong performance with a 1.3% increase over the last two months in dwelling values. This contributed to an impressive 8.8% rise over the past year, hitting a record high.

The outlook for February and forwarding months in 2024 suggests that the momentum in home prices will continue, although at a slower pace. Factors such as net overseas migration, tight rental markets, low unemployment, and gains in home equity are contributing to this growth. The implementation of stage three tax cuts in mid-2024 is also expected to impact the market dynamics, particularly for higher-income earners. 

Regarding monetary policy, the Reserve Bank of Australia (RBA)  raised rates to 4.35% last month to combat potential inflation, but a potential reversal is anticipated at the next RBA meeting with a decrease to 4.10%. The resilience of Adelaide’s property market, along with upcoming policy changes, sets the stage for an interesting year ahead in Australian real estate. We will continue to explore the constantly changing Australian real estate industry, so stay tuned for our next market update.

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! 

For all your conveyancing needs and professional assistance, please contact us:
Phone: 0413 783 166 
Email: sue@easternconvey.com.au