How SA home prices performed in November according to PropTrack’s November Home Price Index

There’s no doubt recent interest rate rises have had an impact on home values. Find out how they affected SA prices last month and where they could go from here.

In a win for homeowners but a further blow for hopeful househunters, regional South Australia has topped the nation for value growth over the past month.

According to PropTrack’s November Home Price Index, home values increased by 0.84 per cent in regional SA in November. This combined value for both houses and units takes its median to a record $415,000.

Its 12-month performance was also strong, up 10.04 per cent for the year, and the report shows regional values have increased by 56.3 per cent overall since the start of the pandemic.

Adelaide homeowners were also winners, with home values increasing by 0.34 per cent over November to take the median house price to a record $703,000.

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It was the second-highest value increase of any capital city, with Perth recording a 0.74 per cent increase for the quarter, and was just ahead Sydney and the ACT, which both recorded jumps of 0.32 per cent.

Adelaide also recorded the second-highest growth over the past 12 month, with home values up 9.74 per cent.

Adelaide’s home price has now increased 56.7 per cent since the start of the pandemic.

Adelaide’s median house price now sits at $752,000, with the median unit price $534,000.

The regional median house price sits at $421,000, while regional units have a $358,000 median.

PropTrack senior economist and report author Eleanor Creagh said South Australian property was bucking the trend.

“The comparative affordability of the city’s homes has seen prices defy rapid interest rate rises,” he said.

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

PropTrack senior economist Eleanor Creagh Photo: Supplied

Ms Creagh said nationally, price growth had slowed, with the spring selling surge increasing choice for buyers.

That said, the market had still been favourable for homeowners seeking capital growth, and forecast continued growth, she said.

“Looking ahead, price growth is expected to continue as the positive tailwinds for housing demand and a slowdown in the completion of new homes counter the sharp deterioration in affordability and slowing economy,” she said.

“However, prices are likely to lift at a slower pace than they have across 2023.”

Turner Real Estate Managing Director Lachlan Turner said high inflation would continue to temper value growth.

Lachlan Turner, Managing Director, Turner Real Estate. Pic: supplied.

“Most economists are suggesting this will shake the confidence of people in the market and

reduce rapid growth in the housing market, but happily it might also mean we will get a reduction in interest rates earlier than expected next year once inflation is more clearly under control,” he said.

“While growth in housing values is likely to slow it’s hard to see values going backwards over the near term.”

Originally published as How SA home prices performed in November according to PropTrack’s November Home Price Index