Adelaide maintains its position as one of the nation’s top-performing markets.
In February 2024, the PropTrack Home Price Index reported a 0.81% month-on-month increase in Adelaide home prices, surpassing all other Australian capital cities and establishing a new peak for Adelaide, with a year-to-date growth of 1.45%.
Adelaide maintains its position as one of the nation’s top-performing markets, exhibiting a remarkable 12.76% year-on-year increase in home prices.
Despite a notable rise in interest rates since May 2022, the city’s housing market defies the trend, showcasing the continued affordability of homes. The median value of a dwelling in Adelaide now stands at $709,000, reflecting a $1,000 increase from the previous month.
Notably, Adelaide’s northern suburbs secured the 5th position among the top 10 fastest-growing regions nationwide, boasting a significant 16.3% growth over the past 12 months.
The market’s competitiveness is heightened by persistently low stock levels. The limited housing supply in Adelaide, down more than 40% compared to the prior-decade average in February 2024, is expected to fuel further price escalation due to high demand.
With Adelaide’s home prices already showing strong growth for the early months, we eagerly anticipate what the coming months have in store!
Whether you’re a buyer, seller, or investor, stay tuned to our Monthly Property Market Updates to see what the next months bring to the Australian and South Australian property markets!
Sources:
https://www.realestate.com.au/insights/proptrack-home-price-index-february-2024/
https://propertyupdate.com.au/latest-proptrack-home-price-index/
