Adelaide’s house prices continued its upward trend last month. Prices rose 1.9% to a median of approximately $603,000. This was the second highest gain of any capital city in Australia, after Brisbane. Annually, Adelaide’s housing prices increased 26%, adding $125K to the value of a typical dwelling over the year. A key factor contributing to this increase in prices is the ongoing shortage of advertised supply, which is 40% below the 5 year average. This is in contrast to sales that are 53% above the previous 5 year average.

Adelaide continues to be viewed as an attractive market compared to other Australian states, with its current median house price being $745,000 lower than Sydney’s median, and $340,000 lower than that of Melbourne.