March Market Update 2024

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

Adelaide continues to affirm its standing as one of the nation’s leading real estate markets. In February 2024, the PropTrack Home Price Index revealed a noteworthy 0.81% month-on-month upswing in Adelaide home prices, surpassing all other Australian capital cities and establishing a new peak for the city, accompanied by a year-to-date growth of 1.45%.

Maintaining its position as one of the nation’s top-performing markets, Adelaide demonstrates a remarkable 12.76% year-on-year surge in home prices. Despite a noticeable increase in interest rates since May 2022, the city’s housing market bucks the trend, underscoring the sustained affordability of homes. The median value of a dwelling in Adelaide now stands at $709,000, reflecting a $1,000 uptick from the previous month.

Noteworthy achievements include Adelaide’s northern suburbs securing the 5th position among the top 10 fastest-growing regions nationwide, boasting a substantial 16.3% growth over the past 12 months.

The market’s competitiveness is accentuated by consistently low stock levels. The constrained housing supply in Adelaide, down more than 40% compared to the prior-decade average in February 2024, is anticipated to drive further price escalation due to heightened demand.

‌Whether you’re a buyer, seller, or investor, stay tuned to see what the next months bring to the Australian and South Australian property markets!

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