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Adelaide winter market heats up with sizzling buyer demand

Real estate & property news
28 July 2023
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Rare city pad listed by Barry Plant Norwood makes an appearance on the Selling SA TV program.

The Adelaide market is powering through the winter months, with signs of a bumper spring season ahead.

July has been busy for the team at Barry Plant Norwood, compared to the same time last year, according to director Elesa Wood.

“Demand remains high while stock levels are tight,” she said.

“But this should ease as we head into spring and more homes are listed.”

The number of appraisals is on the rise, as homeowners consider placing their properties on the market.

“People are becoming more confident to sell,” Ms Wood said.

“And it’s a great time for it because of the strong buyer activity.”

The demand for homes in Adelaide has increased post-pandemic, from buyers as far as interstate and overseas, who are attracted to the market’s stability and growth potential, according to Ms Wood.

“Adelaide is one of the nation’s highest-performing capital cities,” she said.

The median house price in Adelaide has soared 18.3 per cent in the past 12 months to $857,000, according to realestate.com.au.

In Mitchell Park, south of Adelaide, a three-bedroom townhouse at 51E Quick Road, swiftly sold after the first open for $685,000, about $35,000 above expectations.

Multiple investors and owner-occupiers made offers to buy the property, with a pair of first-home buyers winning the keys.

“The young couple had been on the hunt for their first home for two and a half years,” Ms Wood said.

The property sold quickly because of its stylish presentation, park setting and location in the golden triangle between the city, Brighton Beach and Marion.

In the heart of the city, a unique two-bedroom townhouse at 53 Byron Place, Adelaide, is expected to sell in the high-$1 million, according to Ms Wood.

“This landholding is as rare as hen’s teeth because it offers commercial and residential opportunities in the city centre,” she said.

In the first week of launching, it was featured in the Channel 7 News segment, Selling SA.

The property is the city residence of a well-known family in the wine industry, based in regional South Australia.

“I met the sellers through my work in country SA,” Ms Wood said.

“Their business is reflected in the décor of the home.”

With its quality fittings and sleek finishes, including polished concrete floors, the chic pad displays an industrial warehouse vibe.

The upper level offers a living area, kitchen, bathroom, plus two bedrooms opening to a courtyard, ideal for outdoor entertaining.

The lower level includes a showroom, workspace, two living spaces with multiple Cat 5 terminals and power outlets, a bathroom with disabled access, kitchenette and secure car parking.

Potential buyers have considered using it as a yoga studio, floristry business or eatery, according to Ms Wood.

“Whether it's for work or for home, or a bit of both, this property is sure to be an astute investment now and well into the future,” she said.

Real estate & property news
28 July 2023
Save Article

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