Australian real estate: There could be a drop in house prices in Australia by 15% in the next 18 months, but Adelaide’s hot property market is going in a different direction altogether.
As we know winter for the real estate market is a slow period where activity usually shifts to a lower gear. But this is not the case in Adelaide as per the report there is a 1.2 % increase in listing as compared to the same time last year.
More new listings are hitting the market but for prospective buyers, the conditions remain tough.
Now RBA has lifted the cash rate by another 50 basis points making 1.85%. Now the bank is predicting a series of 25 basis points over the next quarter rounding off to 2.10% by the end of this year.
As we are seeing many buyers from interstate and investors are more inclined towards the Adelaide market to take advantage of the current market conditions before it gets tough.
Now when you are thinking of selling, you must be thinking about what buyers look for, and I have so much to say about this as I have meeting lots of prospective buyers during the open house. So, let’s address those.
We should not avoid the fact that Adelaide’s house prices are catching up with Sydney and Melbourne, even when the Median price of Adelaide is still lower compared to big cities.
Resulting in more buyers lured towards the Adelaide housing market for affordability and ease in cost of living.
This is the best time for buyers to not be complacent and continue their search for their dream home.
Surely, homebuyers were now keen on saving rather than splurging.
- Buyers are looking for houses that offered a guaranteed rental income, like DHA and NDIS scheme offers.
- The rising cost of living and increase in interest rates seems to have got buyers leaning towards ‘duplex’ or semi-detached homes with a preference for the ‘ground floor.
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