Add CategorySouth Australia’s property sector continues to show its strength on the national stage, with regional SA recording the highest growth of any market in the country over the past month, and metropolitan Adelaide the highest of any capital city.
PropTrack’s latest Home Price Index shows Adelaide home prices rose 0.4 per cent month-on-month to a record high of $795,000 in November, with combined dwelling values up 14.64 per cent over the past 12 months.
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In its December 2023 report, PropTrack had Adelaide’s median dwelling value at $703,000.
This represents an annual increase of $92,000.
Home prices in regional SA performed even better, up 1.06 per cent over the past month, and 13.3 per cent over the past 12 months to a $454,000 median.
This was the highest value growth of any rural market for the quarter, and was second only to regional Western Australia, where values have increased 15.08 per cent over the past 12 months.
To highlight regional SA’s strength, the national average value growth for non-metropolitan homes was just 5.48 per cent.
Report author Eleanor Creagh said SA’s star continued to shine brightly.
“Adelaide remained one of the country’s top performing markets in November,” she said.
![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Eleanor Creagh, PropTrack senior economist. Supplied
“Although the number of properties hitting the market has increased through spring, total stock on market remains constrained as new listings are quickly absorbed amid strong buyer demand.
“The comparative affordability of the city’s homes has contributed to persistently strong growth of recent years, though the pace of price growth is slowing with affordability having deteriorated significantly and the higher interest rate environment persisting.”
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Adelaide’s house price has also reached a new high – up 0.42 per cent for the month and 14.79 per cent for the year to $846,000 – while metropolitan units have increased 0.21 per cent over the past month and or 13.36 per cent over the past 12 month to $616,000.
Prices are up across metro Adelaide. Picture: Brenton Edwards
Since the start of the pandemic, March 2020, metropolitan Adelaide’s combined dwelling price has increased by 80 per cent – the highest growth of any market in the nation – while units have increased by 63.7 per cent.
This outstrips the growth experienced across the nation for the same period, with Australia’s combined capital city dwelling price up by 33.7 per cent, and Australia’s regional median up 52.1 per cent.
Harcourts Packham managing director James Packham said demand remains strong in South Australia, especially in metropolitan and coastal areas, while stock levels remain limited.
“This trend has continued to favour sellers, with properties often receiving multiple offers and selling quickly.
“At their latest meeting, the Reserve Bank of Australia (RBA) held the official cash rate steady at 4.35 per cent.
![Supplied Editorial James Packham of Harcourts. Picture: Supplied](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 768 1024"%3E%3C/svg%3E)
James Packham, Harcourts Packham’s managing director. Picture: Supplied
“This decision has maintained a level of stability in buyer sentiment, though many remain cautious with the next RBA meeting on December 10th being closely watched with many hoping for a rate decrease leading into the New Year.
He said the rental market also remained competitive, particularly for properties under $500 per week.
“Low vacancy rates across South Australia mean that well-priced rental properties are leasing quickly, particularly in desirable suburbs,” he said.
“This climate offers property investors a strong opportunity to secure quality tenants and achieve competitive returns.”
While house price growth is great news for homeowners, it’s not great news for those looking to enter the market. Pic: Supplied.
According to the report, home values in Adelaide’s west have recorded the greatest value increase of metropolitan homes and are up by 17.55 per cent to a $859,000 median over the past 12 months, while dwellings in Adelaide’s northern and southern areas have increased by 17.35 per cent and 13.76 per cent respectively to medians of $687,000 and $818,000.
Regionally, home values in the Barossa-Yorke-Mid North area have increased by 17.65.72 per cent to $461,000, while home values in the state’s South East have climbed 11.58 per cent to $506,000.
PropTrack’s December Home Price Index – All dwellings
| Region | Monthly growth | Annual growth | Median value |
| Adelaide | 0.40% | 14.64% | $ 795,000 |
| Rest of SA | 1.06% | 13.30% | $ 454,000 |
| National | 0.15% | 5.53% | $ 800,000 |
| Capital Cities | 0.11% | 5.55% | $ 871,000 |
| Regional Areas | 0.26% | 5.48% | $ 652,000 |
Houses
| Monthly growth | Annual growth | Median value | |
| Adelaide | 0.42% | 14.79% | $ 846,000 |
| Rest of SA | 1.10% | 13.70% | $ 462,000 |
| National | 0.19% | 5.64% | $ 872,000 |
| Capital Cities | 0.15% | 5.76% | $ 988,000 |
| Regional Areas | 0.30% | 5.36% | $ 674,000 |
Units
| Monthly growth | Annual growth | Median value | |
| Adelaide | 0.21% | 13.36% | $ 616,000 |
| Rest of SA | – | – | $ 399,000 |
| National | -0.05% | 4.99% | $ 662,000 |
| Capital Cities | -0.06% | 4.60% | $ 684,000 |
| Regional Areas | 0% | 6.18% | $ 573,000 |
* Source: PropTrack’s December Home Price Index