The Adelaide property market continues to shine, fueled by strong demand that keeps outpacing supply.
National home values rose by 0.5% in August, marking the 19th consecutive month of growth, slightly surpassing July’s revised 0.3% increase. However, the pace is slowing, with the quarterly growth rate now at 1.3%—less than half the rate seen during the same period in 2023 (2.7%). This signals a cooling in the market after a prolonged period of consistent gains.
The Adelaide property market continues to shine, outperforming many other capital cities. In August, Adelaide’s home values rose by 1.4%, significantly outpacing the national increase of 0.5%. Despite a broader slowdown in growth, Adelaide remains resilient, with total property listings down more than 40% compared to the five-year average.
Remarkably, Adelaide’s median dwelling value has now surpassed Melbourne’s, reaching $790,800. This is a historic first, highlighting Adelaide’s growing appeal as a desirable and competitive market. With strong demand, low supply and robust growth, Adelaide stands out as a key player in the Australian property landscape.
The national median house value is currently $802,357, with the median unit value at $660,423. In the coming months, Adelaide is projected to remain one of the top-performing cities in the market, steadily advancing at a moderate pace. Adelaide’s property market continues to attract buyers seeking both affordability and solid investment opportunities with strong potential for value appreciation.
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Sources:
https://www.realestate.com.au/insights/proptrack-home-price-index-august-2024/
https://www.corelogic.com.au/__data/assets/pdf_file/0022/23890/CoreLogic-HVI-Sep-2024_FINAL_FINAL.pdf
