Supply boost in Adelaide will be a huge relief for the hot property market this spring season.
According to CoreLogic figures, “released last week show the median house price in Australia increased by 18.4 percent in the 12 months to September 1, the fastest pace of growth since 1989”.
The hunger for the property in Adelaide is not holding up back as we can see 1 in 10 homes are coming as a new listing which is a growing concern for the Adelaide property market.
Normally, the spring season is the best for the vendors to come into the market to enjoy the benefits of the seller’s market. Hopefully, we will experience the same volumes of listing coming up this spring 2021.
Not only it will bring more joy among buyers and agents, but it will also reduce the affordability concern by injecting the right number of properties in the Adelaide property market.
The three indicators that buyers should be looking this spring season are:
1) Price
They should know about how the prices are moving and fetch the right time moment to get your own home. Get ready with your mortgage capacity and timing the market is very important.
2) Listing
A very important indicator to understand as is how much stock is available in the market and what listing to choose on and should be smart enough to beat the competitions.
3) Days on site
Be actively present in the market and look at how quickly is the market is moving i.e., buying and selling. This will give you a good indication and the level of competition in the market.
There could be a Burst of activity this spring season as the vendor will gain confidence by looking at the current situation of the market.
What’s Causing the Rising Home Prices?
1. Continuing low mortgage rates
2. Economic recovery
3. Optimism, fear of missing out, euphoria
4. Australia’s excellent response to Covid 19 transmission
5. Business reopening well, increasing optimism for the economy
6. Fewer homes for sale
7. First-time home buyers were coming back.