The last weekend of auctions for February 2022 saw a record level of properties go to auction for the month of February since the data was first recorded.
The number of auctions in Adelaide is up 122% on last year, given the strong selling conditions, Adelaide is leading the way as the best performing capital city, experiencing an auction clearance rate above 80% for 2022.
Looking at property listings, South Australia is currently experiencing the lowest levels on record, new listings are tracking higher than the previous five year average but properties are selling faster than ever, giving home buyers limited time to inspect, do their due diligence and make a decision.
CoreLogic Head of Research Tim Lawless, stated that “February saw weaker prices recorded in Melbourne and Sydney, even in the strong markets Brisbane and Adelaide we can see the trend starting to ease off a little bit now…as inventory levels are rebalancing”
From what we are seeing on the ground properties within that 5-7km radius of the Adelaide CBD are still strong as ever, as seen by some of the auction results over the weekend.
With talk of interest rates rising and the war in the Ukraine, you would expect consumer sentiment to be effected, which usually ties in with housing activity. However, a blue chip Torrens title property in a premium suburb will continue to attract strong interest regardless of consumer or media sentiment.
I’m currently reading The National Housing Finance and Investment Corporation’s research report, State of the Nation’s Housing, to better identify practical opportunities to better assist those at risk due to the housing affordability crisis.
My thoughts and prayers go out to all affected by the terrible escalation in the Ukraine.
I hope you all have a great week.
Much love to you and yours.
Yianni
P.S. I am always grateful for your feedback on my content and the topics you want to hear about.
Yianni Garbas 