Adelaide can take a bow as the nation’s top performing capital city for September. The PropTrack Home Price Index Report for September 2024^ confirms that home prices rose 0.53% to reach a new peak median value of $778,000, reflecting an impressive 15.05% year-on-year gain.
Though growth has slowed, low stock levels in Adelaide are intensifying the competition, and the spring market sees sellers hold the upper hand. Although the number of properties hitting the market has increased, total stock on the market remains well below the prior five-year average as new listings are quickly absorbed amid strong buyer demand.
The comparative affordability of Adelaide’s property market has contributed to the ongoing strong growth of recent years. However, if current trends persist, home prices in Adelaide could eclipse Melbourne by the first quarter of 2025.
Outside of Adelaide, regional home values in South Australia rose 0.58% in September, bringing the gains over the past 12 months to 10.79%, and driving the regional median home value up to $441,000.
^https://www.proptrack.com.au/home-price-index/
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