May Market Update | Adelaide

Adelaide and Regional SA property markets maintain steady growth.

In April 2024, the PropTrack Home Price Index reported a national increase in home prices of 0.23%, reaching a new record high. Year-to-date, prices have risen by 1.97%, marking a 6.60% increase compared to April 2023 levels.

Across all major capitals except Hobart (-0.24%) and Melbourne (-0.10%), home prices showed gains in April, albeit at a slower pace compared to March, with the exception of Darwin. Over the past year, smaller capital cities have consistently outperformed larger ones, a trend that continued into April.

Adelaide remains the second strongest market for monthly growth, recording a 0.55% increase, following Perth at 0.83%. Impressively, Adelaide’s prices have surged by 13.99% over the past 12 months, with the median dwelling value now at $730,000—relatively more affordable compared to the national median of $774,000.

Breaking it down further, the median house value in Adelaide stands at $781,000, while units come in at $553,000. The scarcity of listings has heightened competition, propelling home prices in Adelaide upward despite significant interest rate increases since May 2022.

Additionally, regional South Australia leads the nation’s regional markets, ranking as the second strongest behind regional Western Australia. Notably, Adelaide North has seen impressive growth, up 18.8% year-to-date, securing a top 5 position regionally.

Adelaide’s property market continues to display robust growth, appealing to buyers seeking affordable yet appreciating real estate investments. We look forward to what the upcoming months will bring and invite you to follow our Monthly Property Market Updates for insights into the Australian and South Australian property landscapes.

Stay tuned to our Monthly Property Market Updates to see what the next months bring to 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-april-2024/
https://propertyupdate.com.au/latest-proptrack-home-price-index/
https://www.abc.net.au/news/2024-05-01/house-prices-breakdown-by-state-territory-capital-city-region/103784240

Refined Real Estate

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Refined Real Estate

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