Wednesday, February 21, 2018

Energetic and exciting Adelaide

This time of year is one of our favourites... our city of Adelaide is buzzing with energy and excitement. The Fringe is underway and the Adelaide Festival, Adelaide 500 and WOMADelaide are all about to hit our city's streets. What excites us the most is that this energy and excitement flows through to our local real estate market! 

Talking to our team during the week, we noticed a trend coming through on their perceptions of the current market. Tim Thredgold from our Norwood team said, "The market is currently seeing record low stock levels, but the energy and excitement of all that goes on in Adelaide through February and March gives clients an opportunity to showcase their property and location in terms of our city's vibrancy. It really is an exciting time!" 

Grant Wills from our Hyde Park team stated, "Not only is it a great time for South Australians to be out and about, but with thousands of interstate and overseas visitors in our state at the moment we are seeing numbers and general enquiries remaining strong despite 
the limited stock levels."  

Across the state, Team Toop is experiencing this energy spike firsthand. So far in the eight weeks of this year we have had over 4,000 groups through our open inspections and we've had over 700 new buyers sign up to our ToopVault! That's an average of 94 hot buyers signing up each week to view properties before they even hit the market. 

We are also seeing Adelaide's most sought-after suburbs receiving incredible attention. Recently, a property in Hyde Park had in excess of 40 groups through on its opening weekend selling just days after, and a home in Prospect sold for the second time in seven months! We are also seeing a large number of homes selling prior to auction, especially in and around the inner western suburbs such as Mile End. 

So what does all this activity in the market mean for you?

For sellers... you are in a wonderful position to capitalise on great market conditions. The low stock levels generate intense competition which is what we are seeing at the moment. Properties that had been taking three or four weeks to sell, are now selling in a week or two and in many cases before they hit the public market. 

For buyers... those who are well prepared, have their finance in place and are certain about what they can do, will quickly leave others behind in the race to make a purchase. Buyers must be well organised and not leave anything to chance - be ready to act swiftly and decisively!

With the market off and running, and competition at an all-time high, we encourage you to make the most of this opportunity to buy or sell. If you'd like to discuss how you could best capitalise on the current market conditions, please feel free to give us a call.

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