There are far fewer properties on the market now than there were this time last year, new data shows.
Househunters have almost 1500 fewer properties to choose from on the market than they did a year ago.
But don’t worry, property experts are confident more homes will spring onto the market over the next few months.
Latest CoreLogic figures show the number of properties listed for sale across Adelaide has dropped 20 per cent in the past year, from 7278 in the 28 days ending August 25 in 2019 to 5822 in the same period ending August 23 this year.
Both figures are lower than those recorded during the same periods in the two previous years, when listing numbers stood at 8346 in 2018 and 8797 in 2017.
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Harris Real Estate managing director Phil Harris said stamp duty and the prevenance of renovation reality shows had encouraged people to reinvest in their own homes and stay longer over the past few years.
However, market uncertainty because of the coronavirus pandemic was largely to blame for the shortage of listings this year.
Property experts say confidence is slowly being restored though.
Mr Harris said more people were expected to list their properties come spring.
“There has been a lot of trepidation in the market place with people wanting to see what happens,” he said.
“But we anticipate stock volumes to be higher in spring.
“There’s going to continue to be a shortage of listing volumes, however the worst is probably over.”
More properties are expected to hit the market over spring.
Auction numbers were also tipped to increase in the next two months.
Real Estate Institute of South Australia president and auctioneer Brett Roenfeldt said activity would pick up slowly.
“We’re starting to get a few more bookings,” he said.
“One would hope that we’re going to have an injection of property from an auction perspective, but this is going to be a slow build up.”
He said clearance rates were high at the moment, with some agencies recording 80 to 100 per cent weekend clearances, mainly because demand was so high for fewer listings.
According to latest CoreLogic data, Adelaide recorded a 59.7 per cent clearance rate off 62 auctions last week.
At the same time last year, there were 56 auctions with a 56.9 per cent clearance rate.
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