As we step into 2024, the real estate landscape in South Australia presents an exciting opportunity for homeowners preparing to sell their properties. In this blog, we delve into the current statistics for property sales in South Australia, exploring why now is an opportune moment to prepare your home for the market.
Booming Real Estate Market in South Australia | A Statistical Insight: Let’s start by examining the recent trends in property sales in South Australia.
Low Inventory Levels: One of the key drivers behind the current seller’s market in South Australia is the low inventory levels. Tim Lawless from CoreLogic states: “Inventory levels are -15.3% lower than they were at the same time last year and -24.4% below the previous five-year average for this time of year,” he said. “With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market.” The limited availability of homes for sale creates a competitive environment, increasing the likelihood of attracting qualified buyers to your property.
Median Home Prices: The median home prices in South Australia have witnessed a substantial rise, indicating a strong demand for housing in the area. According to the latest data from CoreLogic, the real estate market in the region has experienced a steady upward trajectory. With a 6.5% growth in the last 12 months increasing Adelaide’s Median Metropolitan House price to $700,024. Property values have seen a notable increase, making it a lucrative time for homeowners to consider selling. This increase in value is a promising sign for sellers, suggesting that they can potentially secure a favourable return on their investment.
Riding the Wave: Why Its the Right Time to Sell: Now that we’ve established the positive trends in the South Australian real estate market, let’s explore why 2024 is the perfect time to prepare your home for sale.
Buyer Demand: The overall commentary of buyers when discussing with us the market and their current position in the latter parts of 2023 displayed a general theme. There are very few quality properties on the market and many buyers that have been looking, have been in the market for quite sometime. As a buyer’s journey continues, many will be planning to make their move in 2024 with increased urgency.
Downsizing: With COVID restrictions in the rearview, many are taking the opportunity to downsize from their larger more demanding homes to purchase something smaller. Entering into the lock up and leave lifestyle where they will be able explore the freedom of travelling without the added stresses of maintaining their large homes.
Upsizing: While individuals considering downsizing may find appeal in smaller residences, for growing families or intergenerational living which has become a trend with those experiencing mortgage or rental stress having adult children returning home and the elderly also living within the property. Larger homes with varying and flexible living spaces are required and hence become popular which ensures a comfortable lifestyle for those transitioning into this style of more affordable living. These purchasers are seeking larger homes with dedicated office spaces, outdoor amenities, multiple living areas and expansive backyards for their families to enjoy and create memories. This increased demand further strengthens this market sector.
Preparing Your Home for a Successful Sale: Now that you’re convinced of the advantageous conditions, it’s time to prepare your home for a successful sale in 2024.
Enhance Curb Appeal: First impressions matter. Invest in landscaping, exterior repairs, and a fresh coat of paint to make your property stand out from the competition.
Home Staging: Consider professional staging to showcase your home’s potential. Well-staged homes often appeal to a broader audience, helping buyers envision themselves living in the space.
Address Repairs and Upgrades: Tend to any necessary repairs such as patching and painting, replacing any worn or damaged fitting/fixtures. Consider strategic upgrades that can add value to your home. Updating wet areas such as bathrooms and kitchens generally provide the best ROI.
Strategic Pricing: Work with a knowledgeable real estate agent to determine the optimal pricing strategy for your property. A competitive yet realistic price will attract serious buyers.
As we navigate through 2024, the South Australian real estate market provides a promising landscape for those looking to sell their homes. By leveraging the current positive statistics, economic conditions and lifestyle trends, homeowners can position themselves for a successful and lucrative sale. Start the journey today by preparing your home to captivate potential buyers in this flourishing market.