The Adelaide property market has shown significant growth and resilience.
In July, National home prices saw a modest increase of 0.08%, bringing them to a level 6.3% higher than they were a year ago. This slower rate of growth is typical for July, as it tends to be the month with the lowest average monthly growth.
Perth, Adelaide and Brisbane have consistently shown the highest rates of price growth. Over the past year, all three capitals have achieved double-digit growth rates.
Looking locally, Adelaide recorded a strong price growth in July (0.58%). In keeping with the trend seen for the past two years, Adelaide remains one of the strongest cities for annual growth consistently showing strong performance in the real estate market and known for its affordability.
According to PropTrack, despite the national median value of $795,000, properties in Adelaide are relatively more affordable, with the median property value in the South Australian capital standing at $770,000. In the past month, Adelaide witnessed a slight increase in housing values to 1.6%, dwelling values at 1.8% and unit values sitting at 2.7%.
The current national median house value is sitting at $865,159 and the median unit value is at $652,524. In the coming months, Adelaide is expected to continue to be one of the Cities outperforming in the market at a moderate pace. The city’s property market continues to appeal to buyers looking for both affordability and real estate investments that appreciate in value.
Stay updated with our Monthly Property Market Updates for invaluable insights into both the Australian and South Australian property markets!
Should you need assistance with buying or selling property, our experienced team is ready to help you achieve your goals—don’t hesitate to contact us.
Sources:
https://www.realestate.com.au/insights/proptrack-home-price-index-july-2024/
https://www.corelogic.com.au/__data/assets/pdf_file/0017/23651/CoreLogic-HVI-Aug-2024-FINAL.pdf
