Adelaide and Regional SA property markets rise to new heights.
In March 2024, the PropTrack Home Price Index unveiled a record-breaking high in national home prices, with a 0.34% increase propelling prices up by 1.57% year-to-date. This marks a substantial 6.79% jump from March 2023 levels.
Throughout the past 12 months, smaller capitals have consistently outperformed larger cities in terms of property price growth. This trend has continued into March, with Adelaide leading the way with record-high home prices and an impressive annual growth rate of 13.47%.
While prices in Adelaide saw a more modest increase of 0.31% in March, the city remains the strongest performer year-to-date, with prices up 2.24%. The median dwelling value in Adelaide currently sits at $709,000.
Regional SA has seen the strongest growth across all regional areas nationwide, up 0.64% this year to date. Adelaide North and the Barossa ranked in the top 10 growth regions across the Nation, boasting a remarkable annual growth rate of 17.3% and 15.3% respectively.
The continued limited housing supply in Adelaide has resulted in heightened competition among buyers, driving prices up at a faster pace. As a result, buyers in Adelaide are faced with a more limited selection of properties, making the market increasingly competitive.
Overall, Adelaide continues to be a standout performer in the property market, with strong growth rates and limited supply driving prices to new heights. Investors and homebuyers alike should take note of Adelaide’s impressive performance and consider the city as a prime location for property investment.
With Adelaide’s home prices showing strong growth, we eagerly anticipate what the coming months have in store!
Stay tuned to our Monthly Property Market Updates to see what the next months bring to the Australian and South Australian property markets!
If you require assistance or guidance regarding purchasing or selling property, please don’t hesitate to contact our experienced team. We are dedicated to assisting you in reaching your property goals.
Sources:
https://www.realestate.com.au/insights/proptrack-home-price-index-march-2024/
https://propertyupdate.com.au/latest-proptrack-home-price-index/
