Sponsored by TOOP+TOOP. Article originally published at toop.com.au

Consecutive months of unchanged interest rates – combined with an ongoing sparsity of stock – has resulted in Adelaide property values returning to record-high levels.

The most recent data from property market analyst CoreLogic shows that Adelaide dwelling values grew by 1.1 per cent for the month, 3.4 per cent for the quarter and 2.2 per cent for the year.

Put simply, Adelaide property has never been more valuable.

That broad sentiment was certainly matched with our experiences at TOOP+TOOP.

We sold an average of two properties a day for the month, with a total sales value approaching $80 million. Our average sales price of $1.342 million was among the highest in our 38-year history.

Our reach across our corporate social media platforms was also impressive, with 384,200 unique views on Facebook and more than 100,000 on Instagram.

They’re all indicators of a buoyant and eager buyer pool, with many properties attracting multiple offers and selling beyond vendor expectations.

While stock levels do still seem low on face value, the monthly volume of new properties to hit the market with TOOP+TOOP was almost identical to 12 months ago, so this may be the ‘new normal’.

By comparison, CoreLogic reported that the volume of new listings across all Adelaide agencies had dropped 5 per cent compared with the same time last year, with total listings down almost 20 per cent.

In fact, the latest data shows there are just over 4000 homes for sale in greater metropolitan Adelaide, while at the national level, there were 135,951 listings observed through the four weeks to the end of the month. That’s a drop of almost 25 per cent on the five-year average for that period, mainly due to a strong absorption from sales.

It’s interesting to note that both Sydney and Melbourne, which had experienced dramatic drops in listing levels, have bounced back noticeably in recent months. According to CoreLogic, new listings in Melbourne are up by 17.4 per cent year-on-year, while Sydney has enjoyed a jump of 15.7 per cent.

While we’d expect listing levels in Adelaide to increase to at least some degree through the rest of spring, it’s unlikely to reach a point where supply will outweigh buyer demand.

As a consequence, dwelling values here should either remain steady or experience mild increases, at least in the medium term.