National property prices increased 2.3% over the first six months of 2023, signalling a shift in the housing market and reversing the declines experienced in the prior six months. Despite the better- than-expected price growth, home prices declined 0.1% over the financial year.

National property prices increased by 34.9% from the start of the pandemic in March 2020 to their recent peak in March 2022, one of the fastest periods of price growth on-record. Since March 2022 when national property prices reached a peak, they have fallen by 1.9%, with the falls occurring between April and December 2022 and a rebound in prices since.

Adelaide and Perth, along with regional WA, are the only regions in which home prices are currently at their peak. At the same time, home prices are furthest from their peak in Hobart (-7.2%), Canberra (-5.5%) and Melbourne (-5.2%).

Projected growth for Adelaide in 2024 is between 3 – 6%

Annual change in dwelling price in regional SA from June 22 to June 23 is 8.9% the highest in the country

All data above from Corelogic Property Report

What does this mean for the Fleurieu region.

. No genuine drop in prices

. Stock levels are still low, demand is still high, so growth in the market is still strong

. Time on market is between 30-45 days for properties priced correctly

. Trust your agents data, evidence is important in an appraisal

. The market will always dictate the price, agents can give a an accurate guide but listen to the market feedback

. Our region is still in very high demand

. Choose an agent you trust.

Roger Smith

Over 17 Years as an Agent

Extensive knowledge of the Fleurieu Pennisula

Avid Golfer

Husband to Deb, Father to Amy 10 & Charlie 9

Monster Car Enthusiastic