Your Real Estate Market Insight / Half Yearly Market Report July 2024

According to the latest CoreLogic report, national home values continued to rise in May, with values increasing by 1.9%, up from a recent low of 1.1% over the three months to January. Despite challenges posed by high interest rates and rising living costs, Adelaide’s housing market has remained robust. The Reserve Bank of Australia (RBA) maintained the cash rate at 4.35% for most of the first half of the year, making cautious moves to navigate economic uncertainties. This stability in the cash rate has provided some certainty for buyers and sellers alike.

Recent months have seen renewed momentum in Adelaide’s housing values, with a notable 1.8% increase in May, contributing to a 4.3% rise over the rolling quarter. This represents the fastest pace of growth over a three-month period since May 2022. From a dollar value perspective, Adelaide’s median dwelling value has surged by approximately $95,400 over the past 12 months.

The overall resilience of Adelaide’s real estate market in the first half of 2024 is evident. Strong demand and low supply, combined with ongoing economic factors, continue to drive upward pressure on property values. However, these same dynamics also pose ongoing affordability challenges. The interplay between demand, supply, and economic conditions will shape the future of Adelaide’s property market, likely sustaining its growth while also presenting challenges for affordability.

At Ouwens Casserly, the first half of 2024 has been marked by national recognition and consistent growth. We are proud to have the majority of the top-ranking agents in the REB’s 2024 Top 50 SA/NT as part of our OC team. Moreover, our unwavering dedication to the community was celebrated when we clinched the REB’s 2024 Social & Community Program of the Year. These achievements reflect our passion for excellence and our deep-rooted commitment to making a positive impact.

We hope you enjoy our Half Yearly Market Report, if you have any questions or need any advice for buying, selling, investing, managing, renting or developing please contact the team here. We are here to help achieve your property goals.