Adelaide Property Market: Strongest Australian Market in 2024?

June 18, 2024
Adelaide Property Market

Key takeaways:

  • Adelaide’s property market continues to grow with a 14% annual rise in 2024, making it the strongest in Australia
  • Key suburbs for investment include Christies Beach, Craigmore, and Dover Gardens due to their strong infrastructure and amenities
  • Government policies and infrastructure projects boost demand and support market growth
  • Experts predict further price increases in 2024, with NAB forecasting a 6.4% rise in house prices

Are you considering investing in Adelaide’s property market? If so, you’re in for a treat! 2024 has seen Adelaide emerge as the strongest property market in Australia, continuing its impressive growth trend.

In this article, we’ll delve into the key factors driving this growth, explore top-performing suburbs, and look at expert predictions for the future. Whether you’re buying a home in Adelaide, investing, or selling, this guide will help you navigate Adelaide’s thriving property market.

Adelaide’s Property Market Overview

Adelaide’s property market has been making headlines with its remarkable growth. Prices have surged by a staggering 44.7% from the pandemic low point to the July 2022 peak. This growth is driven by affordable housing prices, particularly for interstate buyers, and a limited supply of available properties.

Key market indicators such as auction clearance rates and days on market provide valuable insights into Adelaide’s strong market conditions. Let’s dive deeper into these indicators and how government policies and infrastructure are shaping Adelaide’s property market.

You might also want to check out our review of the South Australia property market for a holistic look at the region.

Key Market Indicators

Understanding key market indicators is crucial to grasp the strength of Adelaide’s property market. Here are some important indicators that highlight the current market conditions:

  • Price Growth: Adelaide’s property prices have continued to rise steadily. As of April 2024, all Adelaide dwellings saw a 1.3% increase in prices month-on-month, a 3.3% increase over the quarter, and a remarkable 14.0% rise annually, with the current median price at $747,732.
  • House Prices: Adelaide houses have performed strongly, with a 1.2% rise in April 2024, a 3.2% quarterly increase, and a 13.9% annual growth. The current median house price is $800,648.
  • Unit Prices: Adelaide’s unit market has also seen significant growth. In April 2024, unit prices increased by 1.7% month-on-month, 4.5% over the quarter, and 14.5% annually. The median unit price now stands at $514,369.
  • Listings and Supply: A clear shortage of listings has been a driving factor behind Adelaide’s strong market. Compared to 12 months ago, new listings are down by 1.3%, and total stock is down by 17.2% for the South Australian capital, indicating a very tight supply.
  • Sales Volumes: Total sales in the 12 months to April 2024 were up by 6.7% year-on-year, showing increased buyer demand.
  • Days on Market (DOM): As of April 2024, the average DOM in Adelaide is 27 days, down from 32 days a year ago, indicating that properties are selling faster.
  • Auction Clearance Rates: Although auctions are relatively rare in Adelaide, the auction clearance rate has surged, reflecting strong buyer interest.

Role of Government Policies and Infrastructure

The state government’s commitment to investing in public and regional housing, as well as affordable rental properties, has played a significant role in shaping Adelaide’s property market. Coupled with the decently affordable cost of living in Adelaide, the city is attracting more people.

Moreover, the extensive infrastructure pipeline, including public transport, roads, and other projects, has boosted Adelaide’s liveability, attracting more people to the area and generating increased demand for property.

With projects such as the AUKUS submarine plan, estimated to cost Australia upwards of $300 billion over the next 30 years, Adelaide’s property and rental markets are poised to benefit from the influx of new workforce and opportunities.

As such, we expect the rent in Adelaide to become more expensive. This combination of government policies and infrastructure development has been instrumental in driving growth in the Adelaide property market.

The Rise of Adelaide’s Housing Market

Adelaide Property Market

Adelaide’s housing market has seen a meteoric rise. In April 2024, the median house price increased to $800,648, up 13.9% from the previous year. This growth is largely due to the strong performance of top suburbs and opportunities for first home buyers.

In addition to the strong performance of these suburbs, first home buyers have found opportunities in Adelaide’s housing market. Let’s explore the top-performing suburbs for houses and the various opportunities available for first home buyers.

Top Performing Suburbs for Houses

In 2023, some of the highest performing suburbs for houses in Adelaide include Christies Beach, Craigmore, Dover Gardens, Elizabeth Vale, Gilles Plains, Kurralta Park, Prospect, Blackwood, Torrensville, and Stirling. These suburbs have outperformed others in the market, mainly due to their proximity to amenities, access to public transport, and strong infrastructure.

When investing in these suburbs, it’s crucial to evaluate the local market conditions, assess the potential for capital growth, and calculate the rental yield.

This approach will help you make informed Adelaide property investment decisions and capitalize on the growth potential of Adelaide’s top-performing suburbs for houses.

First Home Buyers’ Opportunities

For first home buyers, Adelaide’s housing market presents an attractive opportunity to enter the property market. The First Home Owners Grant (FHOG) offers eligible first home owners up to $15,000 when purchasing or constructing a new home, applicable to houses, units, townhouses, and apartments.

In addition, first home buyers in Adelaide are required to pay stamp duty on the transfer of land upon settlement. With these government incentives and the relative affordability of Adelaide’s housing market, first home buyers can take advantage of the numerous opportunities available to them.

Adelaide’s Unit Market: A Growing Trend

Adelaide Property Market

Adelaide’s unit market has also experienced significant growth. In April 2024, the median unit price reached $514,369, up 14.5% from the previous year. Top-performing suburbs for units include Glenelg, Henley Beach, and Semaphore, offering affordable entry prices and strong rental yields.

Top Performing Suburbs for Units

Recent search results suggest that Ingle Farm, Parafield Gardens, and Craigmore are the top-performing suburbs for unit investments in Adelaide, with Torrensville also being a good option due to its location and amenities.

These suburbs offer investors affordable entry prices and attractive rental yields, making them an appealing choice for those looking to invest in Adelaide’s unit market.

When considering investing in units in these suburbs, it’s important to evaluate the local market conditions, assess the potential for capital growth, and calculate the rental yield. By doing so, you can make informed decisions and maximize the potential returns on your investment.

Investment Potential in Units

Units in Adelaide present a stable investment opportunity, with strong performance and attractive rental yields. Investors should consider local market conditions, potential for capital growth, and rental yields to maximize returns.

Expert Predictions for Adelaide’s Property Market in 2023

Adelaide Property Market

Experts predict continued growth for Adelaide’s property market in 2024. NAB forecasts a 6.4% increase in house prices, while ANZ predicts an 8.0% rise. Factors such as rising interest rates, limited supply, and strong demand will influence future growth.

Tips for Investing in Adelaide’s Property Market

Investing in Adelaide’s property market can be rewarding with the right strategy. Here are some tips:

  • Identify High-Growth Suburbs: Focus on suburbs with strong infrastructure, amenities, and public transport.
  • Balance Risk and Reward: Diversify investments and manage cash flow effectively.
  • Research the Local Market: Stay informed about market trends and policy changes.

Factors Influencing Future Growth

Adelaide’s property market growth potential is likely to be influenced by various factors, including government incentives, population expansion, restricted availability, rising construction expenditures, and robust household incomes.

These factors, along with market-specific elements like auction clearance rates and days on the market, can provide valuable insights into the future growth potential of Adelaide’s property market.

By keeping an eye on these factors and staying informed about market trends and policy changes, you can better anticipate the future direction of Adelaide’s property market and make strategic decisions that align with your investment goals.

Selling Property in Adelaide: What You Need to Know

Adelaide Property Market

Selling property in Adelaide requires a solid understanding of the local market, including auction clearance rates and days on the market. These metrics provide valuable insights into the prevailing market conditions and can help you determine the best time to list your property for sale.

In the following sections, we’ll explore these metrics in more detail and offer advice on choosing the right real estate agent to assist you in selling your property in Adelaide.

Auction Clearance Rates and Days on Market

Monitoring auction clearance rates and days on the market is essential for gauging the best time to sell your property in Adelaide. These metrics fluctuate depending on the time period and location, so it’s important to consult up-to-date data from reliable sources such as CoreLogic.

By keeping a close eye on these metrics, you can make informed decisions about when to list your property for sale and maximize your chances of achieving a favorable outcome in Adelaide’s competitive property market, taking into account the number of similar properties listed in SA.

Choosing the Right Real Estate Agent

Selecting the right real estate agent in Adelaide is crucial for a successful property sale. When choosing an agent, consider their knowledge of the local area, their expertise in your type of property, their marketing knowledge, and advertising plans.

To assess an agent’s performance, observe open for inspections they are conducting and evaluate how they present properties and interact with buyers.

Trust your instincts and choose an agent that aligns with your definition of “good” to ensure a smooth and successful property sale in Adelaide. If you feel confident in their abilities, don’t hesitate to contact agent for further assistance.


In conclusion, Adelaide’s property market has shown remarkable growth and resilience in recent years, making it an attractive investment destination.

By understanding the factors driving this growth, identifying high-growth suburbs, and staying informed about market trends and policy changes, you can make well-informed decisions that align with your investment goals.

Whether you’re a first-time homebuyer, a seasoned investor, or looking to sell your property in Adelaide, this comprehensive guide has equipped you with the knowledge and insights needed to navigate the dynamic Adelaide property market.

Now is the time to capitalize on the opportunities this thriving market has to offer and make your mark in the world of property investment.

Frequently Asked Questions

Are house prices dropping in Adelaide?

Based on NAB’s forecast, house prices in Adelaide appear to be declining slightly in the coming years. This marks a significant decrease in recent projections, suggesting that the market will become less favourable for house buyers in the near future.

What suburbs are overvalued in Adelaide?

According to reports, the suburbs of Craigburn Farm, St Mary’s, Oakden, Clarence Gardens and Blair Athol in Adelaide are overvalued in terms of house prices. This could pose a financial risk for potential buyers as these properties have a median house price in Adelaide exceeding $1.138 million.

Therefore, buyers should exercise caution when considering property purchases in these areas.

Is it a good time to buy a house in Adelaide?

It appears to be a great time to buy a house in Adelaide. With major banks forecasting a 6% price rise, as well as potential for a slight drop next year, it looks like the market is primed for investment.

So, if you’re looking to invest in the Adelaide real estate market, now is a great time to do so.

Is it worth buying property in Adelaide?

Yes, while there was a slight drop in the Adelaide real estate market in 2022, house prices are expected to rise by 6% for the year. The market conditions indicate stability and potential growth, making it a favorable time for investment.

The city’s strong economy, low unemployment rate, and high quality of life make it an attractive option for investors. With the right research and planning, investing in Adelaide can be a great way to build wealth.

Which suburbs will boom in Adelaide?

The Adelaide suburbs predicted to experience growth in 2024 include Bridgewater, Virginia, Osborne, Somerton Park, Angle Vale, Christies Beach, and Munno Para West.

Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
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