Home Price Index breakdown: Property values in SA right now
Melissa Iaria, Property and Finance Reporter
First published 04 November 2024, 12:00 PM
October 2024
Adelaide has remained one of the country’s top performing markets, with home prices surging 0.43% in October to a new high, according to PropTrack's latest Home Price Index.
The median price for dwellings is $783,000, an annual growth of 14.91%.
Adelaide achieved the highest monthly growth of all the capital cities after Melbourne, which rose 0.49%, and the highest annual growth after Perth, which soared 20.58%.
Homebuyers have been fighting over limited stock, a factor that helped keep prices elevated.
“Low stock levels intensified competition,” points out REA Group senior economist, Eleanor Creagh.
This three-bedroom house for sale in Ovingham in Adelaide's inner north has an asking price of $739,000 to $789,000. Picture: realestate.com.au
“While the number of properties hitting the market has increased, total stock on market remains constrained as new listings are quickly absorbed amid strong buyer demand.”
Adelaide home prices have performed well in recent years, and could surpass Melbourne values if the pattern continues.
“The comparative affordability of the city’s homes has contributed to persistently strong growth of recent years,” Creagh says.
“Though if current trends persist, values may eclipse Melbourne by the first quarter of next year.
“Adelaide unit values have already surpassed Melbourne.”
Home values in regional SA also jumped 0.57% to peak in October. The median price of $449,000 represents a robust annual growth of 12.07%.
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