October/November 24 Update

Navigate the Market With Precision

Dear Readers,

Welcome to the first post for our new website. My name is Julian Male and I am a real estate agent specializing in the local area in the western suburbs of Adelaide.

I just reach out with some important information which has just been released, providing key insights into the property market:

  • Australian dwelling values saw a slight increase of 0.4% in September, maintaining the steady pace of the last two months, signaling a slowing market.
  • Four capital cities experienced declines in dwelling values during the September quarter, with Melbourne leading the drop at 1.1%, followed by Canberra, Hobart, and Darwin.
  • Sydney’s property market is stabilizing, posting a modest 0.5% quarterly rise, the smallest since February last year. If this trend persists, Sydney may follow Melbourne’s mild downturn soon.
  • Mid-sized capitals also show signs of losing momentum, with Perth’s quarterly growth slowing to 4.7%, Adelaide to 4.0%, and Brisbane to 2.7%.
  • Regional housing markets have cooled as well, with the combined regional index rising just 1.0% for the quarter.
  • Despite affordability challenges and limited borrowing capacity, the lower quartile housing market is performing better across all capital cities except Canberra and Darwin.
  • New spring listings are up 3.2% nationally compared to last year and 8.8% higher than the five-year average.
  • Selling conditions appear to be weakening, with auction clearance rates falling to the low 60% range across major cities, about four percentage points below the decade average.
  • National rent growth increased just 0.1% over the September quarter, the smallest change in four years.
  • Slower rental growth compared to property values has put downward pressure on gross rental yields, which have fallen to 3.68%, the lowest since December last year.

Source: CoreLogic’s October Home Value Index

Greater Adelaide has seen rollicking growth over the year with the median price of  $802,075. Suburb of Semaphore Park rising to 15.3 per cent  from $871,144 in 2023 to $1,004,700 in 2024 with Semaphore gaining 8.4 per cent to move from $938,545 to $1,017,410.

If you’re interested in learning more about what this information means for you, please don’t hesitate to reach out to me at julian@synercorp.net or mobile 0420213744.

 

Warm regards,
Julian Male
Director