Winter hasn’t cooled Adelaide’s hot property market
When it comes to new listings hitting the market, Adelaide has recorded its busiest June since 2011, and here are the suburbs taking the lead.
As is expected in winter months in Adelaide, the mercury dips and real estate activity usually shifts to a lower gear. But that no longer seems to be the case.
According to the just released PropTrack Listings Report June 2022, Adelaide’s property market had a busier-than-usual start to a typically quieter winter period. The report notes it was the “busiest June” for new listings since 2011.
The number of new properties listed for sale on realestate.com.au in June were 1.2 per cent higher than at the same time last year. Listings in Regional SA were also up by 2.9 per cent since last year.
PropTrack economist and report author Angus Moore said that the “fast start to winter” is not surprising, given properties in Adelaide are still in high demand.
“It’s continuing the momentum seen at the start of the year. June capped off an active first half in Adelaide’s property market, recording the most new listings across the first half of the year seen in five years,” Mr Moore said.
“This is good news for buyers as there is usually a lull in new listings in winter,” he said.
The monthly report, which analyses new and total listings on realestate.com.au, has also listed the suburbs with the biggest increase and decrease in the number of listings.
In comparison to last year, Salisbury East has recorded the biggest increase in number of properties for sale, up by 90 per cent.
It is followed by Parafield Gardens, Mount Barker, Prospect and North Adelaide that have recorded an increase of 44 per cent, 42 per cent, 42 per cent and 40 per cent respectively.
Even though, there are more new listings hitting the market, conditions remain tough for prospective homeowners with the total stock of properties for sale in Adelaide remaining more than a third lower than pre-pandemic levels, the report noted.
According to the data, finding homes in suburbs like Aberfoyle Park, Craigmore and Para Hills will become harder for buyers with the suburbs among those that have recorded the biggest drop in new listings.
“There could be some subdued activity in the next month before picking up for a typically busy spring season. Prices in some capital cities have dropped but not in Adelaide,” Mr Moore said.
SUBURB SPOTLIGHT: CHANGE IN NEW LISTINGS
Biggest Increase, YoY%
Salisbury East, 90%
Parafield Gardens, 44%
Mount Barker, 42%
Prospect, 42%
North Adelaide, 40%
Biggest Decrease, YoY%
Aberfoyle Park, -38%
Craigmore, -36%
Para Hills, -33%
Paradise, -29%
Rostrevor, -29%
Source: PropTrack Listings Report June 2022
Originally published as Winter hasn’t cooled Adelaide’s hot property market