Property value in the Adelaide property market has climbed almost 20% in the past year. Crazy demand and limited stock are the only factors making the prices in the Adelaide property market to the roof.
Having 1.9% growth just in September with the median price of $529,376, we can certainly say that price is unstoppable in every region of South Australia, especially in Adelaide metropolitan.
We can say the growth has been very consistent over the past six months.
It was surely evident in March, where the national property prices increased almost as close to 2.8%, from there the growth condition were positive.
Having an increased price in the home dwelling will soothing the seller side of the market but this rise is affecting some segments of the market, especially first home buyers due to the low level of existing stock which is not enough for hungry buyers. This increase in house value faster than the household income has become more challenging for the market.
As the competition level in the market is already getting heated up and the property available for sales is limited but the increasing demand from interstate is keeping the market red hot.
Normally what happens is people come here, do their education, and then move over overseas, but now they have no plan to move as they want to stay over here, want to enjoy all the benefits and commendable efforts towards COVID-19 situation in this third most liveable city in the world.
Nowadays, properties that were making $550,000 are making $620,000. And the properties that were made between 1.3m and 1.5m are now making 1.7m to 1.9m.
By looking at the overall conditions I truly say this will be the best summer ever.