Hutt Street is undergoing a resurgence and among the new businesses flocking to the area is Ray White Adelaide City. Director Andrew Downing shares what’s behind the strong property market in Adelaide’s centre and suburban areas.

We are extremely excited, after an exhaustive 18 months of searching for the right commercial space, to announce the official opening of our new Ray White Adelaide City office at 2/127 Hutt Street, Adelaide.

We are also proud to announce that, as part of our new office, we have opened a Property Management business to help service our expanding client base and to complement our growing sales business. We would like to introduce our new joint director of this business, Chris Xu, who, with many years of sales, property development and business management experience, will be a huge asset to our growing company.

We would also like to welcome Monique Fildes. Monique has over 15 years of residential and commercial property management experience and will step into the role of managing the PM business on a day to day basis.

The current property market has started to change slowly, with the increased interest rates starting to influence transactions. In saying this, figures supplied by REA show our market is still the strongest of any capital city with house prices in the CBD still up 6.4% for the year with a median price of $745,000. Incredibly, Adelaide’s median house price has increased by around $200,000 over the recent pandemic period.

On the rental side, the latest figures from Ray White nationally show that the median advertised rental rate for houses in Adelaide is now sitting at $500 per week, while units are at $420 per week. Over the past 12 months they’ve risen by 14 per cent and 10 per cent respectively.

Overall, our market is still tracking well against other capital cities due to lower debt levels in Adelaide and strong increases in construction costs, which have been limiting the supply of new homes and keeping supply down. Adding to this has been a strong increase in interstate migration, which will only help continue to stimulate our already vibrant city and augurs well for future growth and prosperity.

All of this makes us believe it’s a perfect time to open our new office, and we are very excited to be a part of the vibrant Hutt Street community – surrounded by many of our favourite cafés, restaurants and, most importantly, our valued clients.

Make sure you stop by and say hello to our team whenever you are passing by.

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 City team to discuss your real estate needs.

Andrew Downing – 0404 882 311 – andrew.downing@raywhite.com

Chris Xu – 0433 770 616 – chris.xu@raywhite.com

Hannah Edlington – 0488 222 392 – hannah.edlington@raywhite.com

Monique Fildes –  0482 980 904 – monique.fildes@raywhite.com

RAY WHITE ADELAIDE CITY HIGHLIGHT REEL

239 Gilbert Street, Adelaide
3 beds, 2 baths, 2 cars
Sold for $1,280,000

59 Russell Street, Adelaide
3 beds, 2 baths, 2 cars
Sold for $1,700,000

422 Gilles Street, Adelaide
3 beds, 2 baths, 2 cars
Leased for $900 per week