74.6% was Adelaide’s auction clearance rate from 92 properties sent to auction. The National clearance rate was 71%.
The trend over the weekend was that of quality over quantity, by way of number of prospective purchasers attendees at open homes.
New housing approvals fell to their lowest level in over four years, mainly due to the interest rate hiking cycle coupled with the soaring cost of construction.
Adelaide rental vacancy rates sit at 0.6%, the national level is 1.3%
For all the media hype of no stamp duty for first home buyers (up to a value of $650K) many are finding it difficult to find and purchase a home that meets the requirements.
The month of July saw housing prices climb for the fifth consecutive month, albeit it at a slower pace. The data suggests slow-down in the upper quartile of the market, while the broad middle market remains resilient.
Have a great week.
YG
Yianni Garbas 