Where SA sellers are getting more than they ask for

Househunters are hungry for properties, and these are the regions where they’re prepared to pay more than asking price to secure one.

Property sellers in Adelaide’s north were the biggest winners last month, with new data showing they achieved the highest proportion of sales above the asking price.

According to PropTrack analysis of realestate.com.au June sales data, 53.48 per cent of vendors in the northern suburbs pocketed more than the sale price.

A third (33.16 per cent) achieved their target amount, while just 13.37 per cent settled for less than their asking price.

Sellers in Adelaide’s south also had plenty of reasons to smile, with 49.51 per cent of results exceeding their price expectation.

Great prices are being achieved right across metro Adelaide. Supplied

Almost one third (31.07 per cent) achieved their asking price, while 19.42 per cent took a lower offer.

Those selling in Adelaide’s western suburbs had the highest proportion of sales at their asking price at 49.09 per cent, with just 16.36 per cent accepting an offer below their asking price.

South Australia’s outback and mid north regions had the highest proportion of below-asking price sales, with 54.84 per cent and 54.29 per cent respectively.

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Harcourts Packham managing director James Packham said market conditions still facilitated strong sales.

“With demand higher than stock, properties are still receiving offers high and above the asking range with buyers desperate to grab available stock,” he said.

“With the spring market the strongest time of the year for stock, it is favourable for sellers to consider their plans to sell now to be the rush and present to more buyers with fewer competing properties.”

Trinity McNamara of Raine & Horne Adelaide City said there was still demand for quality properties that are priced right.

Mr McNamara recently set a suburb record for a residential property at 34 Torrey Rd, Flagstaff Hill at $2m, and said it was up to agents to help vendors set realistic price expectations.

Harcourts Packham’s James Packham.

Raine & Horne Adelaide City principal Trinity McNamara. Supplied

“Agents have to be transparent with vendors and tell them that there has been a market shift and it isn’t like it was 12 months ago,” he said.

“Strong prices are still being achieved, but vendors need to be understanding of where the market is.” Mr McNamara said, at the end of the day, a home is only worth what someone is prepared to pay.

“That said, I am seeing across the board that strong offers are being accepted everywhere,” he said.

“Because listings are still down, we still don’t have enough stock on the property at the market so those who choose to sell are getting great results.”

Tammy and Adam Bishop just set a new suburb record with the sale of their Flagstaff Hill property. Picture Dean Martin

Catering and events worker Adam Bishop, 47, and Willow Bay Australia handbags CEO Tammy Bishop, 45, were Mr McNamara’s happy vendors and Mr Bishop said he was pleased to get what he wanted.

“To get a cash buyer with a two week settlement – that was amazing, I was pumped,” he said.

“The demand for houses like this is out there and there have been about six come on in our estate in the past six months and they’ve all sold really quickly and easily,” Mr Bishop said.

Originally published as Where SA sellers are getting more than they ask for