Adelaide Residential Market / Your Insights for Sept 2024

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

The latest PropTrack report shows that national home prices increased by 0.22% in August, marking 20 consecutive months of growth. While the pace of growth has eased during the quieter winter months, Perth, Adelaide, and Brisbane have continued to lead the charge, recording the fastest growth among the capitals over the past two years.

According to CoreLogic, Adelaide dwelling values rose by a further 1.4% in August, pushing the market up by 14.9% over the past 12 months. This growth has added over $114,000 to the median dwelling value, highlighting Adelaide’s resilience despite mounting affordability challenges. Listings remain extremely low, nearly 40% below the five-year average, while demand remains strong, with home sales tracking 21% above that same average over the past three months.

In some positive news for renters, Adelaide’s Rental Value Index increased by just 0.3% in August – the slowest monthly rise since December 2022.

Looking ahead, with the cash rate currently sitting at 4.35%, borrowing has become more expensive, naturally cooling housing demand. However, tight labour markets and supply shortages in the construction sector continue to underpin property values. The RBA has flagged potential rate cuts by 2025, which provides cautious optimism, but affordability issues and economic uncertainty will remain key factors influencing buyer sentiment and demand.

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