This year’s spring property market is off to a strong start with new listings, scheduled auctions and sales up nationally in September.
Last month, national new listings volumes hit their highest mark for September since 2017 and were 10 per cent higher compared to September 2023.
The increase in property choices has spurred more buyers into action, resulting in a 4 per cent year-on-year increase in sales nationally in September.
Adelaide has seen an increase in new listings for five consecutive months, and a rise of 8.6 per cent compared to the same time last year.
Karen Dellow, PropTrack senior analyst. Supplied
Certain areas in Adelaide showed an even more significant increase: Adelaide – Central and Hills saw a 19 per cent rise in new listings, while Adelaide – North increased by 18 per cent and Adelaide – South experienced an 11 per cent increase.
As the substantial growth in property prices across the country in recent years has largely been driven by the limited stock available, this surge in listings will give buyers more options and time to find their ideal property, slowing price growth.
The number of homes for sale has increased over the past five consecutive months. Supplied
Although the median property value in Adelaide has increased considerably in the past few years, the combination of more listings and slower price growth is instilling more confidence in buyers regarding current market conditions.
Another strong indicator of a successful spring selling season in Adelaide is the number of auctions. This weekend, there are 155 properties going to auction across the city, with Highbury, Holden Hill and Campbelltown clocking up the most.
Other cities experienced a decrease in auction clearance rates in September, compared to last year. However, the percentage of auctions that ended in a sale remained stable in Adelaide.
A quarter of sales in Adelaide during September were auctions, an increase of 24 per cent compared to September 2023.
SA’s market is performing strongly this spring. Supplied.
Preliminary sales in Adelaide also experienced an 8 per cent increase compared to last year, indicating a modest rise in active buyers this spring.
With half of the spring selling season remaining and favourable weather forecast, the rest of the season is anticipated to continue on a strong note.
– Karen Dellow is PropTrack’s senior analyst.
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