June Market Update 2024

Let’s see what the property market is up to this month.

Adelaide (+0.53%) recorded the strongest price growth in May. In keeping with the trend seen for much of the past two years, Adelaide remains one of the strongest cities for annual growth. Throughout the past year, smaller capitals have outperformed, and this trend persisted into May with Adelaide recording the fastest monthly growth in May.

According to CoreLogic, Adelaide is considered a mid-sized capital and recorded the second-largest increase in property values in May. Compared to the national median value of $785,556, dwellings in Adelaide are relatively affordable, with the median property value in the South Australian capital at $757,448. Over the last month, Adelaide saw an increase of 1.7% in housing values, unit values increased by 2.3% and dwellings were up by 1.8%. The current median house value is sitting at $811,059
and the median unit value at $521,835.

The stable interest rate environment has likely boosted confidence among both buyers and sellers. With housing supply failing to keep up with demand nationwide, home prices reached a new peak in May. The strong demand has consistently driven prices higher.

Despite a slowdown in growth, Adelaide is expected to continue outperforming other markets. The extremely low levels of housing stock are intensifying competition among buyers, further fueling the strong demand in the area.

We look forward to what the housing market has to bring to Adelaide in the forthcoming months of the year!

For all your conveyancing needs and professional assistance, please contact us:
Phone: 0413 783 166 
Email: sue@easternconvey.com.au