Homes are selling faster in Adelaide than they are in any other capital city across the country, with properties in some areas being snapped up within two weeks of hitting the market.
Houses across Greater Adelaide were spending slightly less time on the market than units, latest PropTrack data reveals.
The median days on market for houses was 22 compared with 23 for units.
Both are lower than any other capital city market, but houses in the ACT followed closely behind with a median of 25 days.
Conversely, Units in the ACT were spending the most time on the market, with the median reaching 49 days.
MORE: Adelaide’s median house price hits $1m mark
Adelaide homes are selling faster than those in any other capital city, latest PropTrack data shows.
At a suburb level, properties in some areas across Adelaide were changing hands in just two weeks.
Units in Blackwood and houses in Bridgewater had a median of just 14 days on the market, while more than a dozen others stood at 15 and 16.
Harris Real Estate Adelaide Hills agent Tamara Gertig said while Bridgewater had always been popular, it was particularly appealing to buyers because of its price point.
“It’s affordable compared to the neighbouring suburbs of Aldgate and Stirling,” she said.
“There are always new properties coming up … but it’s competitive.
MORE: Number of $1m SA suburbs hits staggering high
Harris Real Estate Adelaide Hills agent Tamara Gertig.
“Buyers are really having to sharpen up their conditions (to be competitive).”
PropTrack data shows Bridgewater has a median house price of $1.06m, while Aldgate and Stirling’s were $1.625m and $1.71 respectively.
Ms Gertig said Bridgewater properties were also smaller and much more manageable for many people compared to neighbouring areas.
Real Estate Institute of South Australia chief executive Andrea Heading said fierce demand for limited properties was fuelling rapid sales right across Adelaide.
“It’s definitely supply versus demand,” she said.
“What we’ve seen is that there has been an accelerated buying cycle.
MORE: Housing boom ahead: Project to unlock 500-plus new homes
Real Estate Institute of SA chief executive Andrea Heading.
“Homes are selling quicker than what they have in the past, definitely, and that’s because in many instances they’re snapped up as soon as they come on the market.
“The auction clearance rate is quite high as well.”
Ms Heading said many prospective buyers, particularly those looking for their first home, were feeling the pressure to purchase as they feared it was only going to get harder.
“The time to buy is now because prices will continue to rise.”
Harcourts South Australia chief executive Heather Edwards said many people were also no longer returning to properties for a second or third inspection before buying, they were making the decision after their first viewing.
MORE: Slice of SA’s oldest country town up for grabs
Harcourts SA chief executive Heather Edwards.
“They’re making quick decisions so they can secure something quickly,” she said.
“We’re seeing an increase in that, that people are buying them site unseen too, and it’s not even just interstate buyers either.”
Mr Edwards said anyone keen to secure a home in such a competitive market needed to make sure they knew what they wanted and had a clear budget with loan pre-approval.
She also urged buyers to contact real estate agents about viewing a home instead of waiting for open inspections.
Help us improve your reading experience
Got a minute? Your feedback will help us build a better experience for you.
Help us improve this page
English (US) · 