Spring market explained: What SA’s buyers and sellers can expect

SA’s real estate agents are gearing up for a bumper Spring, reporting huge demand from househunters and strong numbers of properties in the pipeline.

Buoyed by a recent interest rate cut, the fact that home prices have been holding strong since the pandemic and continue to rise in many suburbs, and the fact that the state is still gripped by a chronic shortage of properties for sale, agents are tipping one of the biggest springs in years.

Kate Smith of Kate Smith Property said she was gearing up for a big spring, and that buyers were more prepared than ever.

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“People are prepared with their finance and good to go from the first open, ready to submit offers on the spot because they know that if they don’t get it there’s not a whole lot of other options at the moment,” she said.

“They also know, with the growth patterns we’ve seen in recent years, that in many places home prices are still on the way up, so if they don’t get in now, they’ll end up paying more later.

Kate Smith of Kate Smith Property. Picture: Supplied

“Sellers also know how active the spring market is, so I’ve got a good number of properties lined up and am expecting a really strong spring.”

According to PropTrack data, there are 121 properties scheduled to go to auction across the state by the end of the weekend.

Next week there are even more, with 132 set to hit the auction block.

Adelaide goes into spring with a $925,000 median house value and a combined dwelling – both house and unit – value of $853,000, PropTrack’s latest Home Price index, released this week, shows.

Ray White SA chief auctioneer John Morris.

Ray White SA chief auctioneer John Morris said spring was traditionally the state’s peak selling season, and this year’s looked like being the busiest in years.

“We’re entering spring with an extremely strong winter behind us, my registered bidders have been eight per auction, which means the buyers are out there,” he said.

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“I had over 500 bidders at my 73 auctions throughout August.

“I’m about 4 per cent up on the auctions I held this time last year.

“It will definitely be the busiest spring I’ve had in years – everything’s pointing towards that.

“I’ve got 69 auctions booked so far for September and bookings are still coming in for the end of the month.”

Lindsay and Rosemary Burgess at their Pooraka home. Picture: Tim Joy

Lindsay, 86, and Rosemary, 87, Burgess are currently selling their 89 Quinlivan Rd, Pooraka, home Lindsay paid 100 pounds for the land for at age 14 in 1953, and built a home on in 1964.

“When we came here it was just dirt roads, but a lot has happened since then,” Mr Burgess said.

“There have been a lot of houses go up in recent years and a lot of really big changes.

“We love it here, the only reason we’re moving is because we’re moving into a retirement village in Walkley Heights, and that will be good because we’ll still be able to go to the same shops we always have.

An old photo of Lindsay and Rosemary Burgess’ Pooraka home. Picture: Tim Joy.

Mr Burgess said if the home sells at auction on Sunday it would be a great Father’s Day present for him, and he joked he hoped to get more than the 100 pounds he bought it for.

“Hopefully it will go really well for us.”

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