Market Update - July 2022

Market Update – May 2023

Adelaide is one of the country’s most affordable cities, rising interest rates have had less of an impact on the housing market in this area, as investors in particular seek out better value options. Adelaide’s median house price dropped just -0.1% in March, bringing quarterly declines to -1.3%. Annual growth is still in the green, sitting at +2.1% for the year, though that number may continue to drop slightly due to the slump in 2022.

Top Adelaide suburbs for first-time homeowners at the moment are trending in Marleston, Richmond, Smithfield Plains, Hackham West, and Andrew’s Farm.

Adelaide apartments are selling on a higher scale than houses at the moment. The reasons for this are in 2021, the housing boom was on top. Housing prices reached critical levels on a national level, with Adelaide feeling the crunch. Units seem to be more appealing to investors in the rental market with rentals rising over 10% annually.  

There is a constant demand for a home, however, there is a short supply available at the moment. The change comes whereby buyers are also unable to pay the prices they would have been able to pay in the past.  

We are in a realignment phase of the property market, which is generally the best time to buy. Sellers are more open to listening to offers and seem more accepting.

Our team can help you reach your property goals in 2023! Whether you plan on buying or selling either commercial or residential property, Eastern Conveyancing is your SA conveyancer with over 20 years of experience.