Adelaide property prices reach new peak following growth in August

Adelaide is again leading the country when it comes to monthly property value growth, but the market is expected to stabilise over spring. Here’s what you need to know.

Adelaide’s property value growth is once again leading the country, with new monthly data showing prices are still on the rise despite interest rate pressure.

PropTrack’s latest Home Value Index report reveals the city’s median property price climbed 0.64 per cent in August to a new high of $679,000.

While marginal, Adelaide prices climbed at a faster pace than those in any other capital city last month.

PropTrack senior economist Eleanor Creagh said the city’s home prices were now up 6.07 per cent in the year-to-date.

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PropTrack senior economist Eleanor Creagh. Picture: Supplied.

“Adelaide continues to be one of the country’s top performing markets,” she said.

“As a result, home prices are now sitting 7.41 per cent above their August 2022 levels.

“The comparative affordability of the city’s homes has seen prices holding up better amid rapid interest rate rises.

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

SA’s regional properties also performed strongly, with the median property price up 0.43 per cent over the past month and a whopping 10.53 per cent over the past 12 months to a record $395,000 median.

In terms of 12-month growth, regional SA is streets ahead of Perth, which had the next highest increase of any national market at 7.57 per cent.

Ray White SA chief executive Matt Lindblom said despite steady price growth, Adelaide was still considered affordable.

“Even though we’ve had incredible price growth in SA, the prices are still lower than the main capital cities,” he said.

“It’s still cheaper to live here.”

Mr Lindblom believed prices would remain stable over the next few months as more stock hitting the market over spring would soften growth.

Ray White SA chief executive Matt Lindblom. Picture: Supplied.

“People are getting ready to sell for spring but at the moment the listings on the market, there’s still a shortage,” he said.

“Demand has held up because migration is very strong, but there is still a lack of stock on the market.

“But with more supply, that tends to have a softening effect on prices.

“I think property prices will be relatively stable going forward but the only way for that to occur is for supply to come onto the market.”