Adelaide property price growth leads the country in July

Home values in Adelaide climbed faster than those in any other capital city last month. But what’s really surprising is how much they’ve increased since the pandemic.

Adelaide property values climbed at a faster pace than those in any other capital city last month, new figures reveal.

PropTrack’s latest Home Price Index report reveals Adelaide’s median property value climbed 0.62 per cent in July to a new peak of $676,000.

The city’s home prices are now up 4.64 per cent so far this year and 5.95 per cent higher than a year ago.

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Adelaide property prices are on the rise, new data shows. Picture: Colliers International.

They are also now a whopping 50.4 per cent higher than they were when the pandemic began in March 2020 – the biggest rise in the country.

LJ Hooker SA/WA state manager Bill Dimou said prices were likely to continue rising as buyer interest was still strong and stock remained low.

“Prices are hard to predict, but I think there’ll still be maintained at the current levels for a while,” he said.

“The SA market has always been reasonably protected, we don’t have the big highs and the big lows and generally you’re getting reasonable growth in the majority of areas.

“We expect the same to continue for a while yet.”

Mr Dimou said higher levels of stock could be on the horizon as some homeowners moving from fixed to variable mortgage rates looked to offload their properties and find a more affordable place to live.

LJ Hooker state manager Bill Dimou. Picture: Tom Huntley.

However, he said more people would be looking for property then.

PropTrack senior economist and report author Eleanor Creagh said Adelaide continued to be one of the country’s top performing markets.

“The comparative affordability of the city’s homes has seen prices holding up better amid rapid interest rate rises,” she said in the report.

“Low stock levels are also helping to insulate home values, intensifying competition.”

Across regional SA, property values climbed 0.09 per cent last month, taking the median value to $389,000.

PropTrack senior economist Eleanor Creagh. Picture: supplied.

They have climbed 9.19 per cent in the past year and 49.8 per cent since the start of the pandemic.

Nationally, home prices are now higher than they were a year ago after jumping 0.16 per cent in July.

“July marked the seventh consecutive month of national home price growth, reversing much of the falls recorded over 2022,” Ms Creagh said in the report.

The national median home value now sits at $748,000.