The Adelaide property market in 2024 is influenced by several important factors, including interest rate changes, government policies, infrastructural developments, and buyer demand.
These factors are creating a complex and dynamic market landscape, with experts offering mixed predictions on predicted property prices. Investors need to stay informed and adaptable to take advantage of potential investment opportunities.
PROPERTY MARKET INSIGHTS FOR FEBRUARY
Adelaide’s property market has already shown strong performance in 2024, with dwelling values increasing by 1.3% and a notable 8.8% rise over the past year, reaching a record high. The outlook for February and the rest of 2024 suggests that the momentum in home prices will continue, albeit at a slower pace.
Factors such as net overseas migration, tight rental markets, low unemployment, and gains in home equity contribute to this growth. The implementation of stage three tax cuts in mid-2024 is also expected to impact the market, especially for higher-income earners.
In terms of monetary policy, the Reserve Bank of Australia (RBA) recently raised rates to 4.35% to counter potential inflation but a decrease to 4.10% is anticipated at the next RBA meeting.
The resilience of Adelaide’s property market, combined with upcoming policy changes, sets the stage for an interesting year ahead.
Adelaide’s median sale price for houses is $833,000 and for units is $440,000. The median growth in Adelaide over the past year was 6.52% for houses and 3.53% for units. The rental market in Adelaide is robust, boasting the lowest vacancy rates in the country at 0.65%.
According to NAB, Adelaide home values are expected to increase by 6.2% this year, making it one of the top-performing capital cities nationwide.
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.corelogic.com.au/
https://www.openagent.com.au/
https://propertyupdate.com.au/australian-property-market/
