Adelaide Property Market – Prices, Trends, Forecast [November 2024]

Adelaide’s housing market remains one of the strongest performers among the capital cities, showcasing consistent growth. It has maintained momentum throughout the year, even as other markets begin to cool.

Adelaide Property Price Growth

In October 2024, Adelaide saw a monthly dwelling value increase of 1.1% and a quarterly rise of 3.7%. The year-to-date growth for Adelaide was 12.1%, with an impressive annual growth of 15.0%. The median dwelling value now stands at $808,644, making it one of the more affordable yet growing markets in Australia.

CoreLogic Home Value Index

CoreLogic Home Value Index, Released on November 1, 2024

Adelaide Property Market Trends

Adelaide’s market is characterized by strong demand and limited supply, which has contributed to its sustained value growth. The city has seen steady increases in both house and unit segments, supported by local demand and positive economic conditions. Unlike some larger cities, Adelaide continues to benefit from relatively lower price points that attract buyers.

Summary of housing values since the onset of COVID in March 2020 and relative to peak levels (onset of COVID calculated from March 2020).

Adelaide Property Market Forecast

The outlook for Adelaide remains positive, but the pace of growth may begin to moderate as broader economic conditions, such as interest rates and inflation, influence the market. However, the city is expected to remain resilient due to its affordability and stable local economy.

The Reserve Bank of Australia’s ongoing adjustments to interest rates will likely play a crucial role in shaping market dynamics, as higher borrowing costs limit purchasing power for many buyers.

Here are some of the most recent forecasts by the big-4 banks in Australia:

• ANZ predicts a 5-6% increase in capital city property prices in 2024, with Brisbane expected to see the highest rise at 9-10%, Perth property values could go up by 1-11%, Sydney by 4-5%, and Melbourne prices by 2-3%.
• CBA forecasts a 5% rise in capital city prices, with some variations: Brisbane is anticipated to grow by 6%, Melbourne and Perth by 5%, Sydney by 4%, and Adelaide by 1%.
• NAB projects a 5.4% average increase across the capitals, with Brisbane expected to see a 6.5% rise, Perth and Adelaide by 6.2%, Melbourne by 5.5%, Sydney by 5%, and Hobart remaining flat.
• Westpac expects a 6% growth across the combined capitals, with Perth leading at 10%, followed by Brisbane at 8%, Sydney at 6%, Adelaide at 4%, and Melbourne at 3%

Oxford Economics recently released property forecasts predicting where house prices will be in three years.

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Conclusion for Homeowners

Adelaide’s property market is currently thriving, with consistent value increases and strong buyer interest. Homeowners in Adelaide are well-positioned to benefit from continued growth, though they should be mindful of potential changes in market dynamics in the coming months.

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