The latest real estate news right from the source: Boffo’s best real estate agents out and about on the streets of Adelaide.
The September quarter is always an interesting one in Adelaide real estate, as we emerge from winter hibernation and wrap up the first month of the spring selling season. Let’s dive into what’s been happening in the Adelaide real estate market and explore Boffo’s recent Adelaide property sales and rentals along with the auction and rental statistics for this third quarter.
Adelaide Real Estate Market Update
Adelaide property prices have maintained steady annual growth at 15.5% to reach a median house price of $816,000. Behind Perth and Hobart, Adelaide recorded the nation’s third strongest property price growth during the month of August at 0.45%.
Strong property price growth in Adelaide has been a trend that hasn’t waned at all throughout the past two years. Along with Perth and Brisbane, Adelaide has recorded the fastest pace of growth of all capital cities since 2022, with prices up 15.12% on average.
On the subject of Adelaide’s booming property market, Boffo’s Managing Director Jarrad Boffo says, “Why wouldn’t you want to own a home in the best state of Australia? Naturally, with high demand and a shortage of properties, Adelaide’s home prices continue to rise.”
*Source: PropTrack Home Price Index
September Quarter Real Estate Sales
During the September quarter, Boffo real estate agents in Adelaide sold 154 on-market properties and 18 off-market properties - a total of 172 properties.
The highest sales price achieved was by auction at 8 LeCornu Street, Broadview. This four bedroom home on 953 sqm was sold for $1,610,000 by leading sales agents Graeme Brown and associate Bligh Tressider.
Another exceptional sale price was achieved in the blue-chip suburb of Prospect by sales agents Paul McIntosh and Taylor Martyn. The six-bedroom home on 1,011 sqm at 18 Graham Place, Prospect was sold for an undisclosed price.
Despite the winter weather, open inspections held at Boffo’s on-market properties during the third quarter saw 2,518 attendees at properties across Adelaide and within our specialist areas spanning the north to north-eastern suburbs.
September Quarter Auction Results
We’ve not even reached the summer months, but Adelaide auction action has been hot, hot, hot!
Typically, when we are in a competitive property market with low stock and high buyer demand, our sales agents will recommend auction as the sales method most likely to achieve the highest possible sales price.
102 auctions were booked by Boffo real estate agents during the quarter, with a productive clearance rate of 80%. And to highlight the resounding auction action in the current market, in the weekend of September 21st and 22nd alone, our high-flying auctioneer Mark Fricker completed a whopping 13 back-to-back auctions!
September Quarter Rental Results
The experienced Boffo property management team gained 69 new rentals and leased 152 properties during the quarter. August saw a record number of properties leased by Boffo in a one month period, with a total of 76!
At Boffo our property managers pride themselves on their passionate commitment to excellent client and asset management. Our property management team grew during the quarter, with Tanya Mounsey, Deanne Mackay and Elyse Woods coming on board.
Other News
July 1st was a cracker of a day, as we celebrated four years since the inception of Boffo Real Estate. During the month our sales team grew to include Meg Meadows, with admin support from Shantel Forgione and Karen Hansen.
We hosted our 4th Annual Awards Night at EOS Sky City - a glittering night of nights that sparkled, shone and shimmied to the theme of ‘Let’s Disco.’ Our fundraising event of the evening raised $7,940 for KickStart for Kids.
In other quarterly news Boffo sales partner Fadi Oudih was a finalist in the REA Excellence Awards 2024 for Top Agent - Most Properties Sold in Metro SA.
Three Boffo real estate agents were mentioned in The Advertiser: SA’s Top 50 Real Estate Agents Under 35, namely Paul Leombruno at #30, Lidija Kies at #44 and Dragan Pancic at #48.
