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Adelaide Housing Market Update

Adelaide Housing Market Update: Home prices are rising, and the RBA is giving home buyers a short-term reprieve.

By Rishabh Dhall1 year ago

By Rishabh Dhall

6th April, 2023

The most recent PropTrack Home Price Index reveals that property values increased in most capital cities last month, with a shortage of available properties for sale offsetting the impact of significant interest rate hikes.

PropTrack senior economist Eleanor Creagh, “Despite lower buyer demand than peak levels, softness in new listing numbers and restricted supply has offset this”. She said.

That shows increased competition among interested buyers, which has boosted housing values.

And if we talk about the rental market in Adelaide, it has increased by more than 4% in the first three months of the year, which is double the rate of inflation nationwide.

The median advertised rent for an Adelaide home has risen to $470 per week, according to the most recent Prop Track data, after increasing by 4.4% in the first quarter of 2023.

Australian RBA Cash rates have been put on hold, giving home buyers a short-term excuse, by holding official rates steady at 3.60% for the first time in the year. As per the RBA Governor Philip Lowe, “The decision to hold the interest rates steady this month provides the board with more time to assess the state of the economy and the outlook”.

This would reflect in home prices stabilising further. Eventually, it will help reduce the hesitation that kept the buyers sitting on the fence.

If you are in the market to buy property, keep these three points in mind.

1. What is the best and lowest price you can get for the property?

2. What could be the real price you are willing and comfortable paying?

3. What is your hard-stop price as a final offer?

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