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Home › Property Market Update › Adelaide, SA
Adelaide’s property market continues to perform strongly, with consistent growth driven by a combination of affordability relative to other capital cities and ongoing demand. As of September 2024, Adelaide remains one of the top-performing markets in Australia.
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Adelaide saw a 1.4% increase in dwelling values in August 2024, bringing the annual growth rate to 14.9%. The median dwelling value in Adelaide is now $790,789. This strong performance reflects sustained demand, particularly in affordable suburbs and family-friendly areas.
CoreLogic Home Value Index
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The Adelaide market has benefited from a combination of lower housing prices compared to other capitals, making it attractive for both first-home buyers and investors. Suburbs in the northern and western parts of the city have shown significant growth, supported by local infrastructure developments and the city’s overall livability. Additionally, the market has been less impacted by the broader national trend of cooling housing values.
Summary of housing values since the onset of COVID in March 2020 and relative to peak levels (onset of COVID calculated from March 2020).
Top 10 Greater Adelaide SA3’s with highest 12-month value growth – Dwellings
Top Regional SA SA3’s with highest 12-month value growth – Dwellings
Looking ahead, Adelaide’s property market is expected to maintain steady growth, although at a more moderate pace. As affordability becomes an increasing issue across the country, Adelaide’s relatively lower prices will likely continue to attract buyers. However, potential increases in interest rates and economic uncertainty could temper the pace of growth.
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:
Oxford Economics recently released property forecasts predicting where house prices will be in three years.
Adelaide remains a strong performer in the Australian property market, with robust growth driven by affordability and demand. While growth is expected to moderate slightly, the city’s market is likely to continue outperforming many other capitals due to its relative affordability and attractiveness to a broad range of buyers.
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