It’s been a year since Ray White Adelaide CBD opened to the Adelaide real estate market, entering the city in one of the most interesting years in recent history. Andrew Downing, Director of Ray White Adelaide CBD, reflects on the bumper year that’s been and offers tips for buying in 2022.
Ray White Adelaide CBD’s market report
After 20 years of successfully selling properties in the Adelaide CBD for two independent real estate agencies, I made the decision to go out on my own.
It has now been one year since I opened the doors of Ray White Adelaide CBD to the city market, and what a year it has been. I welcomed sales consultants Chris Xu and Hannah Edlington to the team, and together we have achieved 71 sales with a total sales value of $53m within our first 12 months of operation.
With a combined 30+ years of experience in listing, selling and leasing in the CBD, we have seen the Adelaide property market go through many highs and lows; however, nothing quite compares to the results we have seen over the previous 12 months, where growth of around 20 per cent has been achieved.
Unlike some other locations, Adelaide’s population has continued to rise throughout the pandemic with a large increase in owner-occupiers relocating to the CBD. While city cottages and houses have experienced the highest in this current growth cycle, townhouses have also experienced steep rises.
Ray White Adelaide CBD has just been awarded Adelaide’s ‘Agency of the Year’ and Andrew has won Adelaide’s ‘Agent of the Year’ for 2022 at the RateMyAgent Awards.
What really excites me and shows the strength of the current CBD market is that apartments, for the first time in well over a decade, are beginning to show steady increases in prices. The catalyst for this, I believe, is buyers are struggling to secure a house in the suburbs due to lack of supply, strong competition and soaring prices, which is leading buyers into the city and apartments.
This scenario has underpinned strong rises in apartment prices for years in Sydney and Melbourne, and we are also dealing with a lot of these interstate people, too, which is adding to growth.
I predict the Adelaide property market will continue in the same direction for 2022, though maybe not quite as steep, but still strong growth with signs of a slowdown in the following year, on the back of higher interest rates and inflation.
January has really started with a bang, with some incredible results already achieved within our office. Two sales well in excess of $2m being the standouts.
If you would like to discuss anything real estate, or see what your property is now worth in this market, we would love to talk to you.
Please contact any of the Ray White Adelaide CBD team to discuss your real estate needs.
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Andrew Downing – 0404 882 311 – firstname.lastname@example.org
Chris Xu – 0433 770 616 – email@example.com
Hannah Edlington – 0488 222 392 – firstname.lastname@example.org
Ray White Adelaide CBD Highlight Reel
5/30 HALIFAX STREET, ADELAIDE
4 beds, 4 baths, 3 cars
Sold for $2,350,000 in January 2022
97 STURT STREET, ADELAIDE
3 beds, 2 baths, 2 cars
Sold for $2,110,000 in January 2022
11/237 WAKEFIELD STREET, ADELAIDE
2 beds, 1 bath, 1 car
Sold for $505,000 in December 2021
18 ADA STREET, ADELAIDE
2 beds, 1 bath
Sold for $950,000 in November 2021
7/11 DALY STREET, ADELAIDE
2 beds, 2 baths, 1 car
Sold for $575,000 in January 2022