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Adelaide house prices reach a fresh all-time high after increasing 1.1% in August

Updated: Sep 18, 2023

House prices increased across all capital cities except for Hobart in August, as housing demand continues to outweigh supply while interest rates remain on hold. Upwards price momentum has continued in Adelaide which has maintained top spot as the best performing capital city since 2020. Low stock levels, surging immigration and strong competition among buyers is contributing to upwards pressure on prices across Australia.

Prices in Adelaide, Sydney and Brisbane are set to rise over 10% this year if current momentum continues with monthly increases of over 1%. Low stock levels, surging immigration and strong competition among buyers is contributing to a fierce market for home buyers across Australia.

In Adelaide specifically, the fringe suburbs, particularly those in the far north and south, continue to be the best performing. Christies Downs has topped the list (+16.8%), while the remaining suburbs are all clustered in Adelaide's far north. Despite record price growth in 2021/22, these suburbs continue to outperform.

In contrast, the worst performing suburbs are concentrated much closer to the Adelaide CBD. Prices have declined by around 11% in Hazelwood Park and Parkside over the past year, with declines of similar magnitude seen in bordering suburbs. A common characteristic across these areas is relatively little population growth over the past year and high median prices, making affordability challenging.

August witnessed a continuation of strong growth in house prices across most Australian capital cities, driven by a potent mix of low stock levels, escalating immigration, and robust buyer competition. Adelaide remains a standout, consistently outpacing other cities since 2020, with particular strength observed in its fringe suburbs. As interest rates persist at high levels, and housing demand overshadows supply, the Australian property market remains a heated landscape for potential buyers.

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