Adelaide Property Market – Prices, Trends, Forecast [September 2026]

Among the capitals now retreating, Adelaide sustained comparatively little damage, with values slipping just 1.6% through winter, one of the shallowest quarterly falls. This restraint matters because annual growth and broad local gains remain intact, leaving the city better placed than markets where weakening demand has produced deeper losses, while values remain only modestly below their May peak.

Key Takeaways

• Adelaide’s correction remained shallow, with values down 1.6% over the quarter and from their peak, while remaining 8.6% higher annually.
• Units recorded 9.0% annual growth, compared with 8.6% for houses, alongside similar quarterly declines.
• Local growth was consistently positive, with all ten published leading SA3s gaining between 8.9% and 12.7%.
• Rental conditions were the tightest, with a 1.3% vacancy rate and continued house and unit rent growth.
• Near-term softening should stay limited, supported by rental scarcity and constrained national housing supply.

See how Adelaide’s property values have performed across houses and units over various timeframes, along with returns, yields, and median prices.

Watch Cotality’s Housing Market Update for expert commentary on national and capital city housing trends, price movements, and key market drivers across Adelaide.

Adelaide Property Price Growth

Near-matched house and unit results give the market unusual symmetry. House values rose 8.6% annually and units 9.0%, while quarterly declines were contained at 1.6% and 1.4%. August falls were also closely matched, at 0.8% for houses and 0.7% for units.

Across all dwellings, values remained 8.6% higher over the year and 3.1% higher year to date, even after winter’s decline. The index sat 1.6% below its May 2026 peak. Adelaide’s median dwelling value was $937,207, comprising $999,091 for houses and $684,469 for units.

Longer-term growth remained substantial, reaching 64.0% over five years and 107.1% over ten. Local results were consistently positive: Campbelltown led the published SA3 ranking at 12.7% annually, while Mitcham, the tenth-ranked area, recorded 8.9%. Every published leading SA3 therefore outpaced the citywide annual result.

Adelaide Property Market Trends

Nowhere is Adelaide’s distinctiveness clearer than in rentals. Its 1.3% vacancy rate was the lowest among capitals, creating a tightness that persisted as dwelling values eased. House rents rose 5.8% over the year and unit rents increased 6.0%, showing similar pressure across both property types and contrasting with the broader national rise in vacancy.

Gross dwelling rental yield was 3.6%, with houses at 3.4% and units at 4.4%. Investors nationally are expected to place more emphasis on higher-yield opportunities, giving Adelaide’s unit segment greater relevance. Across most capitals, higher advertised supply, longer selling times and larger vendor discounts favoured buyers, but those broader conditions do not establish the same selling pattern specifically for Adelaide.

Here’s how values have shifted across the main regions and timeframes.

Adelaide Property Market Forecast

Supply is likely to determine how far Adelaide’s correction runs. The city’s 1.3% vacancy rate indicates current rental pressure, while national construction costs, capacity constraints and feasibility challenges continue to restrict new housing delivery. Together, those conditions provide a meaningful counterweight to weaker demand and should contain the depth of any near-term value decline.

Downside risks have not disappeared. Higher interest-rate risk, falling real wages, pessimistic sentiment and normalised population growth are expected to keep national housing demand subdued, and Adelaide’s recent quarterly fall indicates it is not immune. Relatively low unemployment and first-home buyer support should provide further stability. The most likely path is continued mild softening rather than a sharp correction.

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 (Reviewed September 2026):

• ANZ expects capital-city prices to decline in both 2026 and 2027. ANZ forecast coverage
• CBA expects further national price declines before a modest recovery during 2027. CBA housing outlook
• NAB forecasts lower prices across the eight capital cities in 2026. NAB Housing Monitor
• Westpac’s June forecast anticipates flat prices in 2026 and growth in 2027, although its September update warns of further downside. June Housing Pulse, September housing update

For the remainder of 2026 and into 2027, this means:

• A softer near-term outlook: The bank updates point to continued pressure on property prices, replacing the earlier expectation of broadly rising values. NAB.
• Different conditions between cities: Sydney and Melbourne face the largest forecast declines in CBA’s outlook, although weakness has also spread to Brisbane, Perth and Adelaide. CBA.
• Borrowing costs remain important: The timing and strength of any recovery depend partly on interest rates. CBA’s forecast for modest growth in 2027 assumes rate cuts during that year. CBA.
• More negotiating room for buyers: Westpac reports rising listings and expects buyers to have greater bargaining power in many markets heading into spring. This is an interpretation of market conditions, not a guarantee for individual properties. Westpac.

Conclusion

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