Adelaide’s top-end property market is on fire, with spring tipped to be an absolute ripper.
Adelaide’s prestige property market is on fire, with local agents tipping a strong, and early, start to the state’s peak selling season.
Ouwens Casserly agent Cynthia Sajkunovic had a huge turnout for a $2.2 million to $2.4 million resort-style home at 101 Cambridge Tce, Malvern she is selling.
101 Cambridge Tce, Malvern. Supplied by Ouwens Casserly Real Estate.
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“We recorded 180 people through the property over two days and we had 200 brochures printed and all of them were taken,” she says.
“We’ve got multiple parties interested.
101 Cambridge Tce, Malvern. Supplied by Ouwens Casserly Real Estate.
“It’s a special place and I always expected it to attract strong interest.
“It was really well attended by family groups and also people from large homes again and wanting something a bit more manageable.
“It’s mainly local interest for this one – people upgrading from homes in the low million-range to coming up into that $2 million range.”
101 Cambridge Tce, Malvern. Supplied by Ouwens Casserly Real Estate.
Ms Sajkunovic says the top end is performing strongly.
“People can’t travel and they’re putting their money back into real estate and, with rates being as low as they are now, people are prepared to look at a decent upgrade,” she says.
“Volumes are low and that’s definitely driving prices.
101 Cambridge Tce, Malvern. Supplied by Ouwens Casserly Real Estate.
“It will turn around come spring – the Adelaide market tends to wait for the warmer weather, and then we’ll see more stock in the market.
“I think spring will start earlier this year, and I think people will be motivated to get going a bit earlier this year because the focus is now very much real estate-based instead of travel, which has typically been the case at this time of the year.”
101 Cambridge Tce, Malvern. Supplied by Ouwens Casserly Real Estate.
Ms Sajkunovic says while the Adelaide selling season typically only takes off after the AFL grand final, this year she expects it to be a different story.
“It’s been a bit of a mess this year and it doesn’t seem to have the hold on people it has in previous years because of the stop-start season with COVID-19 restrictions.
101 Cambridge Tce, Malvern. Supplied by Ouwens Casserly Real Estate.
Last Saturday’s Real Estate Magazine House of the Week – a stunning Millswood home on 3114sqm at 17 Andrew Ave that’s been in the same family for the past 36 years – attracted a huge crowd last weekend.
Williams Real Estate agent John Williams, who is selling his stepmother’s home, says more than 130 people attended the home across two days.
17 Andrew Ave, Millswood. Supplied by Williams Real Estate.
“We had enormous interest in that property and are getting calls from Spain, Hong Kong, all over the world, and it was popular with local buyers too – it’s been incredible,” he says.
“It’s been immensely popular with family buyers – we’re still going to see if it’s going to sell as a whole yet, because it’s on two titles. It’s been one of the best responses we’ve had to a property so far – we put two other top-end properties under contract just on Tuesday, so the market’s showing really good signs. It’s stable and with good marketing in The Advertiser, homes are finding buyers.”
17 Andrew Ave, Millswood. Supplied by Williams Real Estate.
Mr Williams says the prestige property market has performed strongly over the past few months, and tips this will continue into spring.
“The only quiet month we had was April when we were in lockdown, but since May, June and July it’s just picked up,” he says.
“I think we’re going to have an early spring – that’s my gut feeling.
17 Andrew Ave, Millswood. Supplied by Williams Real Estate.
“Traditionally we’re flat out from October and to the middle or end of December, but for us, all the signals are telling us it’s going to come on a month early, because everything’s been held back for so long due to the fact that it has been a really strange year.
“We’re looking forward to a really strong spring and summer.
“We’re selling everything we can get – SA’s just a safe, easy place to live and people are looking for that now more than ever.”
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