Market Update – August 2022
Adelaide still remains the nation’s strongest capital city housing market, with house prices increasing a further 1.3% last month.
So far through the growth cycle, Adelaide housing values have increased by a strong 44%, adding an estimated $197,000 to the median dwelling value.
Majority of the growth has been focussed on houses rather than units, with housing values up 48% and units at a lower 23% increase.
Advertised supply levels remain -16% below a year ago and -39% below the previous five-year average. As such, it is likely that prices will continue to increase over the coming months, but at a slowing rate as interest rates rise and affordability dampens demand.
to stand out as the nation’s strongest capital city housing market, with dwelling values up a further 1.3% in June.
Through the growth cycle so far, Adelaide housing values have increased by 44% adding roughly $197,000 to the median dwelling value.
Most of this growth has been centred in the housing market rather than units, with values up 48% through the cycle to date, while unit values are up a smaller 23%.
One of the key factors pushing up prices is the ongoing shortage of advertised supply.
With advertised supply levels still -16% below a year ago and -39% below the previous five-year average, it’s likely sellers will continue to see prices rising over the coming months but at a slower pace as interest rates rise and affordability dampens demand.
Our team can help you reach your property goals in 2022! Whether you plan on buying or selling either commercial or residential property, Eastern Conveyancing is your SA conveyancer with over 20 years of experience.