Adelaide is continuing to show record high home values. The median house price in Adelaide is currently $437,411 increasing by 1.3% this quarter. In saying this, Adelaide still remains an affordable city to purchase and is experiencing a steady market and constant demand.
The average state auction clearance rate for Adelaide is 58% for this quarter, whilst Turner Real Estate is maintaining its 100% clearance rate so far this year. The market is showing interest in buying at auction, helping achieve a premium price and unconditional contracts. Have you considered a sale through auction? Give me a call if you would like to discuss the potential of an auction sale method for your property.
The Adelaide rental market has continued to show consistent growth and demand is high for quality available rental properties. Currently at Turner Real Estate, our average days vacant is an extremely low 8.2 days, which equates to landlords having their properties occupied for 356.8 days of the year! Professional marketing and premium placement on all major online portals is an important contributing factor, helping attract some of Adelaide’s best tenants. The average weekly rent for houses in Adelaide is currently $380pw (1.3% increase in past 12 months). The unit market has shown stronger growth with an average weekly rental of $340pw (up 6.4% in the past 12 months). The executive rental market of properties over $700pw have also been in hot demand, with numerous record prices being achieved in recent months.
Source: Turner Real Estate
Australia CoreLogic home prices for February