Adelaide sees ‘unusual’ rise in buyer interest
The South Australian capital saw a significant rise in the level of buyer interest at the beginning of 2021 – despite being a time when markets would typically ‘take a breather’.
Raine & Horne recorded significant results for Adelaide and the broader South Australian market as they witnessed strong summer market movements and amplified interest across the capital city.
Raine & Horne general manager James Trimble has reflected on some massive offers, several open home visits and final prices exceeding expectations in suburbs like Linden Park and Aldinga Beach as “enormous show of strength for the Adelaide market”.
In suburbs like Linden Park and Aldinga beach, up to 200 groups were reported to have inspected properties in the market, with some properties fetching more than 70 individual offers.
According to the general manager, the robust demand could be attributed to border closures.
“With many people staying in South Australia for the summer holidays due to limited access to other states, the state’s property markets have continued to clatter along,” he said.
“Echoing industry reports earlier in January, our offices are reporting long queues of aspiring buyers at open for inspections snaking down driveways and along the streets.
“This level of interest is very unusual for Adelaide,” Mr Trimble acknowledged.
It’s a trend that’s not expected to abate any time soon, with the low level of supply in the capital city expected to continue pushing prices up in the coming months.
Stock levels are currently 20 per cent lower than they were in January 2020.
The general manager expects dwelling values in Adelaide to rise by 5 to 8 per cent over 2021.
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