Adelaide housing values continue to show one of the strongest growth readings across the country, with the median value increasing 23.9% or $143,000 in the past year.
Home sales in Adelaide over the past 12 months are 36% above the 5-year average, whilst stock levels are 44% below the 5-year average. This mismatch between supply and demand is a key contributing factor to the increasing prices that we have experienced recently.
Despite significant rises, Adelaide’s median house value remains the third-lowest of any capital city, after Darwin and Perth.
However, the pace of growth is finally beginning to reduce across the nation and the state alike. Every capital city in Australia is currently experiencing a reduction in house value growth, with Adelaide’s median house price-reducing from 2% growth in November 2021 to 1% growth in February 2022.
Currently, Adelaide properties are selling in an average of just 47 days, whilst the average time on the market for regional properties is only 67 days – down from 121 days a year ago!
Stay tuned for next month’s property market update!
Our team can help you reach your property goals in 2022! Whether you plan on buying or selling either commercial or residential property, Eastern Conveyancing is your SA conveyancer with over 20 years of experience.