Adelaide hits record median home price as property spike holds firm
Adelaide has a fresh record median home price, after seeing a 14.61pc surge in the past year – Australia’s strongest pace of growth behind Western Australia.
Adelaide has a fresh record median home price, after seeing a 14.61pc surge in the past year – Australia’s strongest pace of growth behind Western Australia.
Its median home price hit $759,000 in June, according to the latest PropTrack Home Price Index, released Monday. Regional South Australian home prices fell -0.13pc in the past month but were still 11.79pc above June 2023 levels
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Adelaide remains one of the country’s strongest performing markets, with the city’s comparative affordability and low stock levels driving the fast pace of growth, PropTrack economist Eleanor Creagh said.
Since March 2020, home prices have surged 70.5pc in Adelaide and 68.7pc in regional South Australia.
“Adelaide remains one of the comparatively affordable capitals so like Perth continues to record a strong pace of home price growth, really defying that significant increase in interest rates that we’ve seen in May 2022.”
“We know that stock is also very constrained in Adelaide contributing to stronger selling conditions and a faster pace of price growth, although we are starting to see that growth beginning to ease off like it is in every other capital city at the moment.”
“Home equity gains will have insulated many existing homeowners in Adelaide from interest rate rises.”
The strong SA4 growth out of South Australia in the past year was 18.93pc in North Adelaide which drove up the median to $658,000. Barossa-Yorke-Mid North in regional SA was the second strongest performer, with a 15.69pc rise to $427,000. Adelaide made up the rest of the top five, with the West seeing a 13.85pc rise to $829,000, the South rising 13.17pc to $786,000 and Central and Hills area seeing prices jump 12.76pc to a $939,000 median.
SEE THE LATEST PROPTRACK HOME PRICE INDEX
“National home prices have cycled through 18 consecutive months of growth despite interest rates remaining at this high level and have gone on to hit another fresh price peak in June,” Ms Creagh said.
“It’s certainly no mean feat given it’s been during the most substantial interest rate tightening cycle in a generation.
“And yet we’ve still seen that in many markets home prices have largely recovered the price falls that we saw when interest rates were first rising in 2022 and have gone on to continuously hit fresh peaks.”
Unlike the pandemic era boom, capital cities are now outpacing regions for growth, up 6.91pc versus 5.61pc to $855,000 and $643,000 respectively.
Originally published as Adelaide hits record median home price as property spike holds firm