Market Update – June 2023

Last month, Adelaide had 197 available rental properties and 255 available for sale. Over the last year, median property values ranged from $833,000 for homes to $465,000 for apartments. If you’re looking for an investment property, consider homes in Adelaide, which rent for $550 per week with a 3.7% annual rental yield, and units, which rent for $490 per week with a 5.8% rental yield. Adelaide has experienced a compound growth rate of 15.2% for houses and -6.1% for units during the last five years.

While home prices have fallen since this time last year, new data indicates the suburbs where supply has decreased while demand has increased, implying that sellers could make a tidy profit.

Stock levels are a concern across the country, with rising interest rates and market uncertainty making would-be sellers nervous, and a scarcity of accessible properties available.

Renters have borne the brunt of a dramatic increase in the cost of living, as well as an increase in loan rates, the return of international students, and migration. Renters are feeling the strain, with rental increases on existing leases making their homes unlivable and driving some to move elsewhere.

We are positive the next half of 2023 will look more promising for renters and more properties become available on the market. 

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Our team can help you reach your property goals in 2023! Whether you plan on buying or selling either commercial or residential property, Eastern Conveyancing is your SA conveyancer with over 20 years of experience.