Market Update - July 2022

Market Update – November 2022

On a national level, the combined value of residential real estate in Australia fell to $9.6 trillion at the end of last month, down from $9.7 trillion in the month prior. As of October, all capital cities are now experiencing a decline in property prices.

Whilst dwelling values across the nation are currently 1.7% higher than they were this time last year, they are down significantly from the cyclic peak of 22.4% recorded for last year.

On the home front, Adelaide’s home values continue to gradually decline after peaking in July this year. The rate of decline remains mild, with values currently at -0.2%, following a -0.1% decline last month.

Unlike house values, unit values are at a current record high, sitting at a median of $433,333, whilst the median home value sits at $704,692.

Lower housing values in comparison to the majority of the larger capital cities is one factor likely supporting strong demand, in conjunction with ongoing low levels of supply. Home sales in Adelaide for the recent September quarter were approximately 18.5% higher than a year ago. However, stock levels remain very low, with total listings sitting at -41% below the 5 year average.

Looking regionally, Regional SA took out the nation’s top spot for the highest annual growth rate in dwelling values among the regional and capital city dwelling markets, recording a 22.2% increase last month.

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.