The Adelaide property market continues to showcase impressive performance, driven by a strong demand that outpaces supply. Nationally, home values rose by 0.5% in August, marking the 19th consecutive month of growth. Although the flow of advertised supply and demand is beginning to balance, supply levels vary significantly across regions. In Adelaide, listings are down more than 40% compared to the five-year average, contrasting sharply with Melbourne’s higher-than-average listings.

Adelaide’s median home price has now reached $790,800. This growth, coupled with rising interest rates and solid rental yields, makes Adelaide an increasingly attractive market for both investors and homebuyers. Despite a slowdown in growth, housing values are expected to see modest increases through the end of 2024, supported by a long-term shortage of new supply, particularly as the residential construction sector faces ongoing challenges.

When navigating the Adelaide property market, proper conveyancing is crucial. It ensures that all legal aspects of property transfers are handled efficiently, from documentation and communication to the final financial transactions. Given Adelaide’s strong growth prospects, low vacancy rates, and rising rents, it’s a compelling market for buyers, sellers, and investors alike.

Stay tuned as we continue to monitor the Australian and South Australian property markets—exciting developments are on the horizon!

Whether you’re a buyer, seller, or investor, stay tuned to see what the next months bring to the Australian and South Australian property markets!

For all your conveyancing needs and professional assistance, please contact us:
Phone: 0413 783 166
Email: sue@easternconvey.com.au

Sources:
https://www.realestate.com.au/insights/proptrack-home-price-index-august-2024/
https://www.corelogic.com.au/__data/assets/pdf_file/0022/23890/CoreLogic-HVI-Sep-2024_FINAL_FINAL.pdf