Adelaide property market ends 2020 on a high following another month of value growth

Date: 2021-06-01 19:29:02

Adelaide property market ends 2020 on a high following another month of value growth

Adelaide property values have recorded a fourth consecutive month of growth, ending 2020 as one of the country’s top performing capital cities.

CoreLogic’s December home value index, released today, shows the city’s median dwelling value climbed 1.1 per cent last month to $468,544.

Darwin recorded the highest monthly increase at 2.3 per cent, followed by Adelaide, Perth and Brisbane, which each recorded 1.1 per cent.

For the quarter, Adelaide property values rose 3.6 per cent – the second biggest increase behind Darwin’s 5.5 per cent – and 5.9 per cent over the year – fourth behind Darwin (9 per cent), Canberra (7.5 per cent) and Hobart (6.1 per cent).

June was the only month Adelaide notched a decline (0.2 per cent) since the coronavirus was declared a pandemic nine months ago, while the value remained unchanged in August.

Gregg Toyama said a combination of low interest rates, Federal Government incentives for first-home buyers, builders and renovators, as well as limited stock made the market so strong, particularly in the final quarter of 2020.

“There was strong buyer demand not only from locals but also expats returning to SA,” he said.

“We were having multiple bids at auction, even strong offers coming in on private treaties.

“The general consensus was (agents) were having a shorter break this year than last year because there was still stock coming onto the market.”

He said the strong end to the year indicated 2021 would be just as strong, at least for the first quarter before the Federal Government’s JobKeeper and JobSeeker ended.

Meanwhile, CoreLogic’s national home value index rose 1 per cent in December.

It is the third consecutive month-on-month increase following a 2.1 per cent drop in dwelling values between April and September.

CoreLogic research director Tim Lawless said the year was characterised by a mild COVID-19 dip in values but unprecedented volatility in the transaction space.


“The number of residential property sales plummeted by 40 per cent through March and April but finished the year with almost 8 per cent more sales relative to a year ago as buyer numbers surged through the second half of the year,” he said.

“Despite the volatility, housing values showed remarkable resilience, falling by only 2.1 per cent before rebounding with strength throughout the final quarter of 2020.”

The rise comes despite the total number of listings being well below the previous year’s.

CoreLogic figures show total listings peaked at the end of November with about 165,000 properties available for sale – 18 per cent lower relative to the same period in 2019 and 22 per cent below the five year average for that time of the year.

At the end of 2020 there was 21 per cent fewer properties available for sale than at the end of 2019.




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