Home Price Index breakdown: Property values in SA right now

November 2024

Adelaide has jumped a rank to become the fourth most expensive capital city in November, with the median home value sitting at $795,000, according to PropTrack's latest Home Price Index. 

The capital recorded the second highest price growth over the month, with home median prices lifting 0.40% to a new peak, after Hobart, 0.43%.

Adelaide also led the capitals with the second strongest annual growth of 14.64%, after Perth.

“Adelaide remained one of the country’s top performing markets in November,” REA Group senior economist Eleanor Creagh said.

“Perth, Adelaide and Brisbane remain the strongest capital city markets for annual growth, with prices up 18.74%, 14.64% and 12.56% in the past year, respectively.”

While more properties have hit the Adelaide market during spring, the available stock remains limited because demand is strong, Ms Creagh said.

This four-bedroom house for sale in Henley Beach on Adelaide's coast has an asking price of $1,900,000. Picture: realestate.com.au

Adelaide’s affordability in comparison to other capitals has contributed to persistently strong growth over recent years, however the rate of growth is weakening.

“The pace of price growth is slowing with affordability having deteriorated significantly and the higher interest rate environment persisting,” Ms Creagh added.

Regional South Australia’s median home value of $454,000 is the second lowest of the nation’s regions. Values surged 1.06% over the month and 13.30% over the year. 

“Regional SA (+1.06%) and regional Tasmania (+0.65%) led growth in November,” Ms Creagh said.

Since Covid hit in March 2020, prices in regional South Australia have gone up a whopping 79.1% - the highest increase of the nation’s regional areas.

October 2024

Adelaide has remained one of the country’s top performing markets, with home prices surging 0.43% in October to a new high, according to PropTrack's latest Home Price Index. 

The median price for dwellings is $783,000, an annual growth of 14.91%.

Adelaide achieved the highest monthly growth of all the capital cities after Melbourne, which rose 0.49%, and the highest annual growth after Perth, which soared 20.58%.

Homebuyers have been fighting over limited stock, a factor that helped keep prices elevated.

“Low stock levels intensified competition,” points out REA Group senior economist, Eleanor Creagh.

This three-bedroom house for sale in Ovingham in Adelaide's inner north has an asking price of $739,000 to $789,000. Picture: realestate.com.au

“While the number of properties hitting the market has increased, total stock on market remains constrained as new listings are quickly absorbed amid strong buyer demand.”

Adelaide home prices have performed well in recent years, and could surpass Melbourne values if the pattern continues.

“The comparative affordability of the city’s homes has contributed to persistently strong growth of recent years,” Creagh says.

“Though if current trends persist, values may eclipse Melbourne by the first quarter of next year.

“Adelaide unit values have already surpassed Melbourne.”

Home values in regional SA also jumped 0.57% to peak in October. The median price of $449,000 represents a robust annual growth of 12.07%.