The South Australian property market has tightened over the last 12 months as real estate agents struggle for stock, according to Bernie Lewis.
Speaking to Residential Property Manager’s sister title, Mortgage Business, Bernie Lewis managing director home loans Mark Lewis said while the Adelaide market remains flat, it is very much a seller’s market.
“It certainly has turned around to be a bit of a seller’s market,” Mr Lewis said.
“Stock here has dropped significantly over the last 12 months,” he said.
“A year to 18 months ago we were looking at 12,000 to 13,000 properties on the market in Adelaide Metro; it is now down around the 7,000 to 7,500 mark.”
Mr Lewis said local agents he has spoken with are struggling to find stock.
“But what they are getting, if it’s priced to market, it’s selling okay,” he said, adding that there is that element of caution.
“South Australia is a funny market,” Mr Lewis said.
“Obviously with Holden closing down, the Labour government getting back in during March and the Treasurer here saying they are going to have a tough Budget, the confidence levels aren’t where they should be,” he said.
“But the Adelaide property market, by and large, should be going ok.”