The size of Adelaide is approximately 10 square kilometres. It has 47 parks covering nearly 41% of total area. The population of Adelaide in 2006 was 10,225 people. By 2011 the population was 12,956 showing a population growth of 26% in the area during that time. The predominant age group in Adelaide is 15-24 years. Households in Adelaide are primarily group households and are likely to be repaying between $1800 - $2400 per month on mortgage repayments. In general, people in Adelaide work in a Professional occupation. In 2006, 35.8% of the homes in Adelaide were owner-occupied compared with 31.4% in 2011. (source: Australian Bureau of Statistics)
Traditional agent commissions in Adelaide
Agent commissions in Adelaide (like the rest of SA) are deregulated. This means that an agent who works in Adelaide can create their own commission and fee structure. The market demand in Adelaide is also higher and as a result there are more real estate agents who work in the city. Due to the increased competition, it’s common to see a drop-in commission. The average commission rates are usually from 1.94 - 2.0% of the value of your property.
On top of a commission, if you sell with a traditional agent, you would also generally pay additional advertising fees which can increase your total cost significantly. All up, your total cost is likely to be well over $20,000 if you decide to sell with a traditional agent as opposed to as low at $694 if you sell your home yourself with the help of PropertyNow.
The real estate market in Adelaide
The real estate market in Adelaide is doing a little better than 2017, with values on a slow rise.
Both unit and house values, much like rental yields, have been on the rise. As of June 2018, median dwelling price in Adelaide is $435,000 with houses at $462,000 and median unit values of $328,000 – showing an 0.8% increase in dwelling values since 2017. Rentals yields are on the rise for Adelaide, houses are up a gross percent of 4.2% at $375 with units up 5.2% annually currently sitting at around $320.
The average number of days on the market for sale properties has pushed higher this year, with 56 days on the market being the average for June 2018 which is slightly greater than the 49 days of 2017. Auction clearance rates, which were at 65.8% last year have also risen to 71% in 2018 as of early June 2018.
Selling property in Adelaide without an agent
If you're planning to sell your own property in Adelaide, it’s important to have a good idea of the selling process. This is to avoid unnecessary burden, hassles and fees when selling an estate. The most important thing to do is to set a proper price. You need to consider the current market trends and how high the demand of a property in Adelaide currently is.
Do some research. Know the prices of similar properties. Make sure that your prices aren’t high enough that it will discourage potential buyers. Remember, you aren't the only one selling a property.
Also, know that it is illegal to misrepresent a property's price to any buyers. This also includes advertising the property at a selling price that is lower than the market trends.
Also know which to sell and what not to sell. Items (also known as chattel) that you don't want to be sold needs to be excluded in the contract of sale. Remember too that first impression last, so make sure to know how to present your property to your potential buyers before taking some photos for advertising. Also, remember to not exclude other potential buyers when presenting a property.
Another thing to know is that all potential buyers would be inspecting. Thus, it is important to hide any items that you don't want your potential buyers to see and that might discourage them to proceed in buying your property. The process of selling your property may be complex and time-consuming but with proper preparation, you'll find it easier than expected.
By not paying an agent a hefty commission you give yourself more room to move on the sale price, putting you at an advantage against similar properties in the market. You can also know for you sure that enquiries are being responded to as quickly as possible and are properly followed up instead of being in the dark as to what's going on. If you're not sure of how to price your property, we can even 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 itself.
Adelaide private sale and rental reviews
Nicole who leased her Port Adelaide property privately via PropertyNow 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 who sold her property in Marion privately via PropertyNow in June 2018 writes “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. Decided against both 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.