Adelaide’s busy property market has continued its good run in February with a surge in new listings recorded.
The start of a new year for the housing market, say industry experts, can be slow but it has been quite the opposite for Adelaide in 2022.
According to PropTrack Listings Report March 2022, the number of new properties listed for sale on realestate.com.au in February were up 16.7 per cent, month-on-month and 9 per cent higher than at the same time last year.
It’s been a strong start to the year for new listings in Adelaide. Pic: Supplied
The monthly report, which analyses new and total listings on realestate.com.au to provide property market supply trends, reported a busy January as well. Listings were up 49.4 per cent, month-on-month at the start of the year.
In comparison to last year’s listings, Munno Para in Adelaide’s north has recorded the biggest increase in new listings for sale, up by 110 per cent.
It is followed by Magill, Hallett Cove, Salisbury North and Plympton that have recorded an increase of 86 per cent, 82 per cent, 75 per cent and 70 per cent respectively.
According to PropTrack Economist and the report author, Angus Moore, January and February recorded the busiest start to year across the capital cities since 2014.
A busy start to 2022 has helped give buyers more choice. Pic: istock.
“Property markets around Australia’s capital cities had a busy February, continuing the already strong start to the year.
“New listings in capital cities were up 27.8 per cent compared to January. This brought total stock of properties for sale up, and was the biggest monthly increase nationally since the pandemic began.”
The total stock of properties listed for sale remained at a record high in regional South Australia, up by 42.5 per cent month-on-month. In comparison to February 2021, listings were up by 24.5 per cent. This is the largest month-on-month increase in new listings in regional SA on record, the data reports.
“As we head into a typically busier autumn selling season, selling conditions are likely to remain strong over the next few months. But there are some headwinds further out,” said Mr Moore.
“Measures of buyer demand remain strong but do look to be easing from the exceptional levels seen in late 2021. At the same time, the record levels of new supply coming to market in the final months of the year and the busy start to 2022 has helped give buyers more choice and ease how competitive the market has been. Interest rates look likely to rise later this year or early next year, which may start to cool buyer appetite.
“These factors mean that, while selling conditions look set to remain strong, we are likely to see some tempering from the dominant levels experienced in late 2021.”
The post Pandemic record: More homes on the market now appeared first on realestate.com.au.
