Thursday, April 12, 2018

What’s trending in our market right now?

How’s the market? This is one of the most common questions our team is asked out on the ground each week. Real estate is a hot topic and people are eager to know what’s happening in the market, what their property might be worth and how house prices in their suburb or city are performing. Staying up to date on property market trends is key to knowing when it’s your time to make a move. 
Team Toop has just released our latest Quarterly Property Report and we cannot believe how quickly the first quarter of 2018 has passed us by. With Mad March, Adelaide500, WOMADelaide, the State Election and Easter it has been a busy start to 2018. Throughout the start of the year we continued to see low stock levels in the property market creating a real urgency for buyers.

Looking to the national market... according 
to CoreLogic RP Data, trends across the March quarter showed that capital city home values were 0.9% lower over the March quarter, while values across the regional markets have tracked 1.1% higher. CoreLogic’s Head of Research 
Tim Lawless states that the Australian housing market is currently showing every sign of recording a soft landing after national dwelling values peaked in September last year. 
Despite a slowing property market, the vast majority of home sales (nine out of 10) in Australia are still turning a profit for their vendors. Across the nation, 91.1% of all properties that resold in the December quarter went for a price above their previous purchase price. 
Back home... it’s been a slower than usual start to the year for Adelaide’s housing market, with home values making a slight drop of 0.4% for 2018’s first quarter. 
These stats were quite surprising to us and our team, given analysts at the start of the year were predicting up to 9% growth here in Adelaide for 2018. However, Head of Research at CoreLogic, Tim Lawless described Adelaide’s performance this quarter as “flat rather than falling”, given previous months had shown minor growth.

Despite this slight drop in values, interstate demand for Adelaide properties remains at an all-time high, spurred on by affordability and higher yields than those on offer in the eastern states. data shows more than 4.6 million property seekers from Sydney and Melbourne eyed off Adelaide properties in the last 12 months, 9% more than this time last year.
The Adelaide suburbs where homes have been selling the fastest include, North Adelaide, Unley and those on the inner-city fringe. Our lifestyle suburbs along the coast such as Glenelg and Henley Beach, and in the Hills, such as Stirling, 
are also proving popular with buyers. 

Adelaide still remains a steady and resilient marketplace despite a national slowdown, and we are looking forward to seeing what the next quarter brings. If you have any questions about the market or would like any additional information specific to certain areas or suburbs, please feel free to contact myself or anyone from Team Toop!

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