The numbers of open inspections are down 2.6 % compared to last year. Just 1953 open inspections compared to 2005 open inspections for the same week last year. We have currently 9400 Registered buyers actively looking for property compared to 8155 for the same week last year.
The level of house sales in the $500,000+ is exceptionally strong and the hottest part of our market at the moment. The $2 mil -$5mil price range is more discerning with sales taking between three and six months compared to 3 to 6 weeks two years ago. There are plenty of buyers circulating in all areas of Adelaide's market.
The lack of available property, spring 2006 has held the market in a strong and robust state and has avoided the usual late spring dip in sale prices.
Auctions act as the best indicator of buyer confidence. Auctions are running at approximately 60% clearance in the inner metro area which is excellent. Not withstanding the interest rate rises our market in South Australia has remained in great shape in the final quarter of 2006. Record low unemployment and underlying confidence in South Australia are helping to maintain a strong residential market. The acute shortage of available rental properties is driving rental returns higher and will positively impact further on house prices.
Just in case you are thinking of selling in 2006, you are almost out of time to list your home. Ring immediately to get the ball rolling for a December or January sale. The festive season is at our doorstep and the time to act is now.