Some insightful answers to that question every homebuyer is asking

After several months of plummeting prices, surprising new data shows the property market appears to be evening out – and continuing to rise in Adelaide.

After a lacklustre start, the traditionally busy spring selling season finally kicked in. As we head into summer, the average for national home prices dropped just -0.06%.

In specific capitals, Melbourne’s descent actually turned and rose by a tiny but important +0.02%. Darwin has made the biggest switch, from a decline to the highest growth of all the capitals, up +0.21%. But it’s Adelaide that continues to defy the rest of the country, posting yet another rise for the period, up +0.12% to a fresh peak.

Property swings and roundabouts

The RBA and banks’ interest rate hikes in recent months have quickly rebalanced the housing market from last year’s extreme growth. Remember those growth figures around the 20% mark? However, the pace of the plummet has slowed from the faster declines seen earlier this year when rates first started rising.

So, what does mean for the market? In a word – stability. The results indicate that sellers are adapting to market conditions, and active buyers are taking advantage of the less competitive conditions on offer.

Four insights to take into 2023

1. The national price decline has slowed dramatically

• Across the country, house values dropped by only -0.06% for the period
• This was the smallest fall since prices peaked in March 2022

2. Values actually increased in some markets

• Darwin saw the highest growth of the capital cities, +0.21%
• Adelaide, Melbourne and Perth also saw an increase in value
• Home prices in Adelaide are now at a fresh peak
• Adelaide has been the country’s strongest performing market throughout 2022
• Affordability is still the key driver for Adelaide’s growth

3. Declines have shifted to other capital city markets

• Hobart saw the largest fall, down -0.46%, followed by Canberra, -0.37%
• Sydney continued its decline for the period, down -0.21%

4. Regional markets remain strong

• Despite a price decline in a state’s capital, each of the regional markets held their own, up +0.06%

For the Oaklands Green Buyer

If you have already bought within our new development, the state of the Adelaide market today suggests that you have made an astute and sound decision. The equitable value of your home has changed very little – and has, in fact, marginally increased.

As someone thinking about buying, you might want to make your move soon. We’re finding most of the homes we release to market are snapped up in days – not weeks!

As always, if you have any questions at all regarding buying a house at Oaklands Green, please contact Richard Joy, our Senior Project Team Leader – richardj@connektup.com.au