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Adelaide housing market update [video]

Adelaide housing market update [video]

2023 is ending with increasingly diverse housing conditions.

While our national Home Value Index reached a nominal recovery in November, the market from city to city and region to region is moving at very different speeds.

The 0.6% rise in the national index in November was the smallest monthly gain since the growth cycle commenced in February, however, it was enough to push the index to new record highs.

Adelaide has seen home values rise at more than 1% month on month over 6 of the past 7 months.

A 1.2% lift in November took the cumulative growth trend to 8.7% since the market found a floor in March.

Since the onset of COVID in March of 2020, Adelaide home values are up almost 51%.

That’s the largest rise of any capital city.

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While this is probably good news for homeowners, affordability pressures are becoming more challenging across the city, with the latest affordability metrics placing Adelaide in second position for the worst housing affordability among the capital cities on most metrics.

The rise in advertised stock levels has played a key role in slowing housing market conditions in some cities.

Vendor activity started to rise through early winter, which is seasonally unusual, following an extended period where new listings consistently tracked at below-average levels.

The persistent lift in selling activity since June has coincided with slower growth in home values.

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