Adelaide Residential Market / Your Insights for Oct 2024

Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for October 2024.

According to the latest CoreLogic report, national housing values saw a modest 1% rise in the September quarter, marking the slowest growth in the National Home Value Index since March 2023. While mid-sized capitals, which have driven much of the capital gains, are starting to lose momentum, their growth still exceeds that of the larger cities.

In Adelaide, housing values continued to climb with a 1.2% rise in September. Over the quarter, this translated into a 4% increase, adding approximately $31,000 to the median property value. While listings have edged slightly higher, stock levels remain 12% lower than at the same time last year and 33% below the five-year average. This limited supply keeps the market in favour of sellers, with homes spending a median of just 26 days on the market, down from 31 days a year ago.

Additionally, a 19% reduction in net overseas migration from the record highs of early 2023 has eased pressure on rental demand. However, with rental payments consuming a growing share of household income, shared and multigenerational living arrangements are becoming more common, further reducing demand for individual rentals.

Looking ahead, the Reserve Bank of Australia (RBA) has opted to keep the cash rate steady at 4.35%. The higher cost of borrowing has cooled housing demand, but the RBA remains cautious, indicating that “all options” remain on the table as they continue to address inflation. Key inflation data, set to be released at the end of the month, will offer more insights into the economic trajectory.

If you are looking to buy, sell, lease or have your property managed, reach out to one of our specialist property consultants here within the OC team.

Disclaimer: Information in this blog is accurate at the time of publication. Ouwens Casserly has relied upon information from external sources in compiling this publication and does not warrant its accuracy or completeness. Please verify details and consult your agent before making any decisions.