Adelaide property prices up almost $3800 in October

Adelaide’s house prices have climbed almost $3800 in the past month, fresh data reveals. But it’s how much they’ve jumped over the past year that’s really surprising.

Adelaide house prices have climbed almost $3800 in the past month, new figures reveal.

The city recorded a 0.51 per cent – or $3795 – increase in its house prices throughout October, according to PropTrack’s latest Home Price Index, taking its median to $748,000.

Unit prices also rose, with the median now $525,000 – up 0.16 per cent, or $839, on the previous month.

For the year, house prices are up 8.81 per cent, or $60,563, while unit values are 8.46 per cent, or $40,951, higher.

Property prices are on the rise across Adelaide still. Picture: supplied.

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Ouwens Casserly managing director Nathan Casserly said the pace of home value growth was slowing but only to pre-pandemic levels, which wasn’t bad.

“That’s the normal Adelaide growth of 2 per cent to 5 per cent over a 12-month period,” he said.

“What we’ve seen is still some growth but not to the level of that seen previously.

“There’s more stock in the market so buyers do have a little more choice.”

More properties to choose from combined with an anticipated rate rise were likely responsible for the slowed growth, Mr Casserly said.

Ouwens Casserly managing director Nathan Casserly. Picture: supplied.

He believed the market would pick back up quickly after a brief quiet period over Christmas and New Year.

“I think it’s a bit of a myth that property transactions don’t happen in January – buyers have more time around that period,” he said.

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 defy rapid interest rate rises,” she said.

“Low stock levels are also intensifying competition, with home prices in Adelaide rising at a fast pace.”

Combined, Adelaide’s median property – both houses and units – price climbed 0.47 per cent over the past month and 8.77 per cent for the year to a new peak of $697,000.

Across regional SA, property prices dropped 0.2 per cent to a median of $396,000 in October, but they were still up 9 per cent over the past year.

National home prices also set a record in October, climbing 0.36 per cent to a median of$759,000.

“Although the volume of new listings hitting the market has risen over the spring selling season, the demand for housing has remained strong, fuelling further home price growth and reflecting the sustained improvement in conditions,” Ms Creagh said.

PropTrack senior economist Eleanor Creagh. Picture: supplied.