Adelaide Market Report 2024: Resilient Growth and Promising Opportunities
The Adelaide property market has demonstrated remarkable resilience in 2024, defying challenges such as rising interest rates and affordability pressures. With house prices increasing by 13.24% and unit prices by 15.12%, the city continues to stand out as one of Australia’s most reliable property markets. Here’s a closer look at the key trends, drivers, and opportunities that shaped Adelaide’s property landscape in 2024.
Strong Price Growth & Median Values
In 2024, Adelaide’s median house price reached $865,563, supported by strong buyer demand and limited supply. Properties averaged just 23 days on the market, a testament to the competitive nature of the market. Buyers are entering with clear intent, ready to act swiftly when the right property emerges.
For units, the median price saw even greater growth, reinforcing the appeal of more affordable housing options in the face of rising costs.
Affordability Meets Lifestyle
Adelaide continues to shine as one of Australia’s most affordable capital cities. With a price-to-income ratio of 8.71, it remains far more accessible than Sydney (13.91) or Melbourne (8.88). This balance of affordability and lifestyle makes Adelaide an attractive option for first-home buyers, families, and investors alike.
Beyond price, Adelaide offers exceptional liveability, from its vibrant cultural scene to its picturesque Hills and coastal areas. Suburbs like Fairview Park, West Lakes, and Kilkenny have been standout performers, combining strong price growth with appealing lifestyle features.
Suburb Standouts: Growth Leaders of 2024
Adelaide’s diverse property market offered opportunities across a variety of suburbs. Some of the key performers in 2024 included:
•Kilkenny: A standout with 32% growth, driven by gentrification and proximity to amenities.
•West Lakes: Lifestyle and waterfront appeal fueled 32% growth, making it a top choice for premium buyers.
•Fairview Park: Green spaces and family-friendly vibes led to 16.5% growth in the northeast.
Looking Ahead: Suburbs to Watch in 2025
As we move into 2025, several suburbs are poised for growth:
•Aldinga: Coastal charm and tourism appeal continue to drive demand.
•Glenelg & Glengowrie: Premier locations with strong lifestyle and rental demand.
•Bridgewater: A tranquil Hills suburb perfect for families and tree-changers.
Economic Outlook: What’s Next?
The Reserve Bank of Australia has forecasted rate cuts by mid-2025, which could improve borrowing power and further boost competition. For buyers ready to act now, there’s a window of opportunity to secure properties at favourable prices before heightened competition drives values higher.
Why Adelaide?
Adelaide’s long-term stability, affordability, and consistent growth make it a “safe as houses” market. Over the past 43 years, it has only seen negative growth twice, underscoring its reliability even during global economic challenges. Whether you’re a homeowner or investor, Adelaide offers a unique combination of security and opportunity.
Get the Full Insights
Download our comprehensive Adelaide Market Report 2024 to explore suburb-level trends, market drivers, and actionable strategies for navigating the Adelaide property market.
At Adelaide Buyers Agents, we specialise in helping clients secure the right property at the right price. Whether you’re looking to buy your first home, expand your portfolio, or explore off-market opportunities, our expertise ensures optimal outcomes every step of the way.
Contact us today to start your property journey with confidence!
