Adelaide property listings are falling as buyers face a new challenge

Home buyers are still struggling to find options in South Australia’s sluggish housing market, with new data showing fewer properties are now listed for sale than last year.

REA Group’s latest listings report revealed that the number of new Adelaide property listings coming to the market in February fell by 7.6 per cent compared to the same period last year – double the statewide decline in major cities of 3.4 per cent.

Regional SA fared slightly better, with new listings down 5.4 per cent last year, compared to a national regional decline of 3.3 per cent.

The decline in South African regional listings was offset by an increase in property listings for the first time last month – up 19.6 per cent compared to properties newly listed in January.

Adelaide’s month-on-month inventory was up 10.9 per cent, the report said.

In terms of overall listings – properties available for sale in the previous month regardless of when they were first advertised – Adelaide was down 9.9 per cent in February compared to the same period last year, while regional SA was down 10.1 per cent.

REA Group chief economist Angus Moore.

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REA Group chief economist Angus Moore said housing shortages continued to drive up house prices, with Adelaide recording a 15 per cent rise in house prices over the past year.

Although property supply will remain strong next year, Mr Moore expects further price increases to be modest.

“We expect (price) growth to slow down in Adelaide this year and the reason for that is that prices have increased and are likely to increase significantly, and that will reduce the volume of purchases,” he said.

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“But it’s still a challenging market for Adelaide buyers – although it’s not just Adelaide, we’re seeing similar strong conditions in other areas such as Perth and Brisbane.”

Earlier this month, it was revealed that Adelaide has become one of Australia’s most affordable capitals, with the median house price now over $1m.

Across the region, more than 60 cities and towns are expected to cross the seven-figure threshold soon.

REISA CEO Andrea Heading. It is provided

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Real Estate Institute of South Australia chief executive Andrea Heading said there were “pockets” of listings still available for less than $1m, including in Mount Barker.

There were also sites in and around Victor Harbour, such as McCracken and Goolwa, and the Barossa Valley, he said.

“I’m not sure we can call it affordable but there are places available for less than $1m,” Ms Heading said.

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He said that as house prices continue to rise, home buyers with purchasing power should not delay.

“We are always asked when is the time to buy – because the time to buy is because, otherwise, it will be that ‘Oh God, I should have bought five years ago’ thing,” he said.

– by Lauren Ahwan