Choice is improving for SA buyers, PropTrack report shows
Buyers in Adelaide are enjoying more homes to choose from this spring than they have for the past year, which will come as welcome news for those searching for a new home. Find out what’s driving the growth.
Buyers in Adelaide are enjoying more homes to choose from this spring than they have for the past year, which will come as welcome news for those searching for a new home.
The total number of properties listed for sale increased by 6.2 per cent in October – one of the largest monthly increases across the capitals for the month. That means buyers today have about 10 per cent more homes to choose from than at the start of the year.
While that’s an improvement, it’s coming off very tough conditions for buyers. Even with the increase we’ve seen this year, the number of properties available for sale is a third lower than it was pre-pandemic.
The lack of stock is consistent with the relative strength we’re seeing in Adelaide home prices too.
In October, prices rose in Adelaide, the PropTrack Home Price Index shows, despite slowing nationally over the past six months.
Prices in Adelaide were still at their peak in October. That’s in contrast to other capital cities, particularly Sydney and Melbourne, where prices have eased from their peaks earlier in the year.
There are also some signs buyers in regional South Australia are starting to see their options improve, though conditions are still very tough. The total number of properties listed for sale increased 2 per cent in October – the second consecutive monthly increase.
While those are modest increases, it’s the first time regional SA has seen choice improve for two consecutive months since the pandemic began. That could be a sign of further improvements to come – something we are seeing in other regional markets around the country.
While higher interest rates are making it harder for buyers to borrow, and buyer demand has moderated, more choice and less competition means people looking to snap up a new home this spring are facing better conditions than the past couple of years.
Originally published as Choice is improving for SA buyers, PropTrack report shows