Adelaide House Prices Hit Record $1.125 Million as City Becomes Australia’s Fourth Most Expensive Capital
Updated
Updated · ABC News · Jul 24
Adelaide House Prices Hit Record $1.125 Million as City Becomes Australia’s Fourth Most Expensive Capital
3 articles · Updated · ABC News · Jul 24
Summary
$1.125 million — Adelaide’s median house price hit a record in the June quarter after rising 4.8%, even as Australia’s overall capital-city median fell.
Domain said Adelaide was the fastest-rising capital because supply grew just 6% over 12 months, well below the 17% increase across capitals, while one of the nation’s tightest rental markets pushed more buyers into purchases.
Local agents said conditions on the ground already look softer, with weak turnout at open inspections and auctions and sellers increasingly needing to price homes more realistically.
Adelaide now trails only Sydney, Brisbane and Perth on house prices, but Domain expects growth to slow and prices to edge lower in coming quarters as higher borrowing costs bite.