Adelaide Residential Market / Your Insights for Nov 2024

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

As we progress through the final quarter of 2024, the latest PropTrack data reveals that national dwelling prices reached record highs last month, aligning with the busy spring selling period. After a period of slower growth, October saw a notable increase in momentum, with prices rising by 0.26%. This marks an impressive 22 months of continuous price increases, highlighting the resilience of housing demand even amidst ongoing affordability challenges.

Closer to home, Adelaide continues to outperform, showing no signs of slowing down. According to CoreLogic, housing values rose by 1.1% in October, marking eight consecutive months of more than 1% growth. This growth has added approximately $8,540 to the city’s median dwelling value in just one month.

Driving this growth is Adelaide’s unit market, which has surged by 18.5% over the past 12 months, outperforming houses, which saw a robust 14.5% gain. Interestingly, the lower quartile of the market is leading the charge, with values up 21.2% year-on-year, compared to 12% growth in the upper quartile. This trend highlights the continued strength in more affordable housing sectors as buyers compete for entry-level opportunities.

While rental growth is easing, rents in Adelaide remain on an upward trajectory. Over the last quarter, rents rose by 0.9%, marking the first sub -1% increase over a rolling three-month period since September 2020. Despite this slowdown, Adelaide’s rental market remains tight, with strong demand continuing to drive competition among renters.

Furthermore, the Reserve Bank of Australia (RBA) maintained the cash rate at 4.35% during this month’s meeting, as expected. While inflation is showing signs of easing, underlying pressures remain, keeping the RBA vigilant in its approach to rate adjustments.

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.