July Market Update | Adelaide

The momentum in the Adelaide property market persists.

National home prices reached a new high in June, with a 0.18% increase in growth, the slowest since December 2022. Prices have risen by 10.14% from their low in December 2022, with a year-to-date increase of 3.14%, above 6.55% in June 2023 levels.

While price growth in capital cities slowed, there was still a 0.22% increase in June, resulting in a 6.91% year-on-year growth. However, performance varied across different cities.

In the past quarter, home price growth slowed in every capital city, with Perth, Brisbane, and Adelaide showing the strongest growth in June. Conversely, Melbourne, Hobart, Darwin, and Canberra experienced weaker growth, indicating varying levels of performance.

Looking locally, Adelaide recorded a strong price growth in June (0.45%). In keeping with the trend seen for the past two years, Adelaide remains one of the strongest cities for annual growth. Throughout the past year, smaller capitals have outperformed, and this trend persisted into June with Adelaide recording one of the fastest monthly growth. 

According to PropTrack, despite the national median value of $787,000, properties in Adelaide are relatively more affordable, with the median property value in the South Australian capital standing at $759,000. In the past month, Adelaide witnessed a slight increase in housing values by 0.52%, and dwelling values by 0.45%. However, unit values saw a decrease of -0.15%.

The current median house value is sitting at $810,000 and the median unit value is at $581,000.

In the upcoming months, Adelaide is anticipated to maintain its market outperformance, albeit at a slower pace. Its property market remains attractive to buyers seeking both affordability and appreciating real estate investments. 

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-june-2024/
https://www.abc.net.au/news/2024-05-01/house-prices-breakdown-by-state-territory-capital-city-region/103784240