Adelaide house prices: City’s top growth suburbs of 2024

Davoren Park took out top spot for the year as its $502,368 median house value rose $109,841 (28%), while prices in Elizabeth North rose by 27.6% (up to $484,996), followed by Elizabeth Park, Elizabeth East, and Elizabeth Downs, where prices are up 27.4%, 27.2%and 26.9% respectively.

New figures from PropTrack show the next five top performing areas were dominated by markets with median prices below $560,000 – $235,000 below the city average of $795,000 – starting with Elizabeth South, where a typical house now costs $526,868 after a $111,322 (26.8%) jump in the past year.

Elizabeth also outperformed with a $120,231 (26.2%) lift, followed by Smithfield Plains and St Marys, which both gained about $100,000 as their median prices rose 25.5% and 25.2% respectively.

'Five of the hottest affordable suburbs for 2025': youtube.com/mortgagechoice

However, looking at quarterly figures for December, it was lifestyle suburbs that experienced the biggest jump in prices.

Kingscote on Kangaroo Island recorded the biggest increase at 10.3%, with the average house now selling for $20,742 more than it did a year ago.

Closer to Adelaide, it was Belair, Aldgate, Bridgewater, Crafers and Stirling that experienced price rises between 6.2% and 7.8%.

REA Group senior economist Anne Flaherty said buyers were likely to experience further price growth in the year ahead.

“I think we’re likely to continue to see price rises in Adelaide but nowhere near to the levels that we saw them grow in 2024,” she said.

REA Group senior economist Anne Flaherty said prices are going to continuing rise in Adelaide throughout 2025. Picture: supplied

“That’s because, over the next coming years, we’re going to transition to a market where we have a much healthier balance of supply and demand and when that’s the case, you don’t see home prices rise that rapidly.”

However, Ms Flaherty admits the median priced home was still out of reach for many.

“Even though we did see home prices dip in December, it is still an incredibly difficult time, especially for first homebuyers, to get into the Adelaide market,” she said.

“We actually saw the median price of a home in Adelaide overtake the median price of a home in Melbourne in November.

“Another thing in SA…is that we’ve seen far more growth in investor activity than what we’ve seen in first homebuyer activity…as they have been competing (against each other) as they often target very similar kinds of properties.

“So when you see more interest from one type of buyer, that creates increased competition and then pushes up prices.”

Turner Real Estate chief executive Emma Slape said continuous home price growth meant more first home buyers were forced to compromise.

“We have definitely seen more first home buyers purchase and occupy a unit,” she said.

“Five years ago, most first home buyers were focused on a house as their first buy, but now, a unit is a realistic entry point and is still an excellent investment for the longer term.”

This article first appeared on realestate.com.au and has been republished with permission.