Adelaide buyers desperate for properties, but current supply isn’t satisfying their hunger

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This is the scene playing out across SA, as agents report strong sales and huge demand for properties. Pic: iStock

ADELAIDE buyers are desperate for properties, with real estate agents issuing a strong message to homeowners: if you’re thinking of selling your home, do it now.

Refined Real Estate agent Alexi Broikos said he has been inundated with inquiries for a 7 Knightsbridge Rd, Leabrook home he is taking to auction next Sunday.

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“I think we’ll have at least 20 bidders, because we’ve had more than 100 inquiries and had 70 groups through on the Saturday and Sunday alone – if I had 10 of these properties they would all go this weekend,” Mr Broikos said.

“Right now is a great time to be selling because there’s not a great amount of competition and there are definitely buyers out there ready to buy the right product.”

According to CoreLogic, Adelaide’s auction clearance rate is 58 per cent per cent and there are 7158 properties for sale across SA.

Buyers are snapping up properties left, right and centre, agents say. The only trouble is there aren’t enough on the market to satisfy their appetite. Pic: iStock.

Mr Broikos said the market had picked up over the past weeks, but is particularly price sensitive.

“If you’re pricing it wrong you’re in deep trouble, but if you’ve got the right product in the right area and you’re not over-inflating the price, it’s getting met well,” Mr Broikos said.

“People are more cashed up than you think and I’ve got a lot of people that are saying they’re ready to go, they’re just waiting for the right property.

“People have been nervous about how things would play out and people sit back and observe, and now they’ve observed it, they’re happy Adelaide hasn’t imploded and they’re ready to buy – and I think a lot of buyers are doing that at once.”

Ouwens Casserly managing director Nathan Casserly said May and June were two of his company’s strongest sales months for the 2018-19 financial year and said buyers looking to sell should take advantage of this confidence and stock shortage and list now.

“We’re starting to see 50 to 60 groups attend properties in a half-hour open again,” Mr Casserly said.

“If you’re looking to bring your property on at some stage, now is as good a time as we have seen in the past few years, from a market point of view, to be selling and I think the next few months moving forward will continue that way,” Mr Casserly said.

“Since the election’s finished the confidence for buyers to make decisions and move forward has been significant.

“Our market has got some good uplift to it and owner occupiers are really confident and prepared to move aggressively in terms of making an acquisition.”

Mr Casserly said recent changes to lending criteria had given the market momentum.

“A buyer that was looking to purchase for around $500,000, for the same repayments and loan arrangements they can now look to borrow around $700,000,” Mr Casserly said.

“Whether they do that or not, it provides confidence to go forward and make a purchase.”

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