Adelaide Property Market Surges in Spring

As we enter the heart of the spring selling season, Adelaide’s property market continues to shine, outperforming national trends with solid growth and resilience. October 2024 saw home prices in Adelaide rise by 0.5%, adding to an annual growth rate of 15.1%—one of the highest among Australia’s capital cities. This steady upward movement underscores Adelaide’s appeal as both a residential and investment destination.

Despite a general cooling in the property market across Australia, Adelaide remains a standout performer. The city’s median dwelling value has now reached $783,000, sitting below the national median house value of $869,000 but above the national median unit value of $661,000. This highlights a unique blend of affordability, strong demand, and limited supply in the market. In regional South Australia, strength is also evident, with an impressive 12.1% annual growth, reaffirming the state’s reputation as a property market hotspot.

Why Adelaide Outshines the Rest 

Adelaide’s growth is fueled by several key factors. The city offers a unique balance of affordability, lifestyle, and investment potential, with housing prices below the national average but continuing to climb steadily. This affordability, paired with strong demand and a tight housing supply, fosters competitive pricing, which is expected to sustain growth throughout 2024.

Optimism Among Investors and Buyers

For those seeking to enter the property market or expand their portfolios, Adelaide presents an excellent opportunity. While other capital cities experience slower growth, Adelaide’s stability and relative affordability make it a highly attractive choice. The median unit value, at $609,000, remains accessible compared to the national average, drawing investors and buyers with a focus on future growth prospects.

Contact Us Today

If you’re considering buying or selling in Adelaide, Eastern Conveyancing is here to guide you with professional conveyancing services and in-depth property market insights. Connect with our team for expert advice tailored to your specific needs, and stay tuned for our Monthly Market Updates to keep updated on the Adelaide and South Australian property markets.

Sources:
https://www.corelogic.com.au/__data/assets/pdf_file/0022/24745/Weekly-market-update-week-ending-2024-October-27.pdf
https://cdn.rea-group.com/wp-content/uploads/2024/10/25000930/PropTrack-Market-Insight-Best-Time-to-Sell-October-2024.pdf​https://adelaide.nationalpropertybuyers.com.au/q3-2024-adelaide-property-market-report/https://www.realestate.com.au/insights/proptrack-home-price-index-october-2024/