Adelaide is approximately 3,258 square kilometres in size and has a population (2016) of around 1.36 million. The predominant age group in Adelaide is 15-24 years. Households in Adelaide are primarily group households and likely to be repaying between $1800 – $2400 per month on mortgage repayments. In 2006, 35.8% of the homes in Adelaide were owner-occupied, compared to 31.4% in 2011 (source: Australian Bureau of Statistics).
Agent commissions in South Australia are deregulated. This means that an agent who works in Adelaide can create their own commission and fee structure.
The market demand is also higher, so there are more real estate agents working in the city. It’s common to see a drop in commission rates due to this increased competition. The average commission rates are usually 1.94 – 2.0% of your property’s value.
If you sell with a traditional agent, you’ll also pay additional advertising fees on top of a commission, which can increase your total cost significantly. All up, your total cost is likely to be well over $20,000.
Sell your home yourself with the help of PropertyNow and you could pay as little as $694..
At June 2021, Adelaide house prices went up a whopping 6.1% over the previous 3 months. Unit house prices aren’t rising quite as quickly, recording just 1.3% over the same period. Sales are rising at an above average rate, although listing numbers are still well below average.
As of January 2020, the median dwelling price in Adelaide is $500,881 with houses at $542,913 and median unit values are $356,318. Rentals yields are doing well and are on the rise for Adelaide. Houses are up a gross percent of 4.1% at $430 per week with units up 5.2% and currently sitting at around $375 per week.
The average number of days on the market for sale properties has pushed higher this year, with 32 days on market at June 2021, compared to 42 days at May 2020.
For the first quarter of 2020, when Australian was most affected by Coronavirus, Adelaide property enjoyed .8% growth. This was slightly lower than the 2.1% growth across the capital cities nationally, but still growth nonetheless.
Despite experts are predicting Australian property prices might take a delayed COVID hit in 2021, Adelaide has surged ahead and there’s no better time to buy or sell property in Adelaide than now.
If you’re planning to sell your own property in Adelaide, it’s vital to have a good idea of the selling process to avoid unnecessary burden, hassles and fees. The most important thing to do is set a proper price by considering current market trends and determining how high property demand is in Adelaide at the time you want to sell.
Do some research. Know what similar properties cost. Make sure your price aren’t so high it discourages potential buyers. Remember, you aren’t the only one selling a property.
Also, remember it’s illegal to misrepresent a property’s price to buyers. This also includes advertising the property at a selling price lower than market trends.
Remember, too, that first impressions last. Make sure you know how to present your property to your potential buyers before taking advertising photos.
The process of selling your property may be complex and time-consuming but, with proper preparation, it’s easier than you expect.
Not paying hefty agent’s fees means you’ve got more room to move on the sale price, giving you an advantage over similar properties on the market.
You’ll also be certain enquiries are responded to as quickly as possible and properly followed up!
If you’re not sure of how to price your property, we can provide you with a detailed breakdown of sale statistics for Adelaide (or a specific suburb within SA), as well as an estimated value of your property.
Nicole leased her Port Adelaide property privately via PropertyNow. She says, “Using Property Now made advertising easy. The forms made it easy for tenant applications and all phone calls/emails were passed on immediately. The team were quick to reply to any questions I had. I would use this site again.”
Bonny sold her property in Marion privately via PropertyNow in June 2018. She said, “I’ve enjoyed the experience as I prefer the option of making appointments for viewing and being able to answer all questions put forward. It’s a much more personal touch. I decided against a For Sale sign, as I only wanted people to make appointments. Because I sold my house in such a short time, I would say it was most successful.”
*Authored July 2018. Please contact us if you require more recent information or advice about leasing or selling a property in Adelaide yourself.