SA Property Market Update – June 2022
The latest PropTrack Home Price Index Report suggests that Adelaide saw further property price growth last month, showing the strongest property growth momentum across all Australian capital city markets.
Adelaide’s housing values rose 1.9% last month, adding approximately $11,500 to the value of a typical dwelling. Adelaide home prices have increased by 24% over the past year, with the current median home price sitting at $556,000. The strong selling conditions are also evident through the consistently high auction clearance rates which have remained at approximately 80% throughout the last month.
Regional SA also saw solid price growth, with values rising 0.27% last month, taking the annual gains to 19.04%. The median regional home value sits at $314,000, making regional SA one of the Nation’s most affordable property markets.
However, Adelaide home buyers continue to experience significant stock shortages, with advertised listings remaining more than 40% below the five-year average. Simultaneously, estimated home sales are tracking at 40% above the five-year average. This disconnect between supply and demand is continuing to drive up Adelaide’s housing market prices, and it’s likely to remain that way as long as demand continues to outweigh supply.
