Home prices across Adelaide and regional SA hit new peak – realestate.com.au

News Corp Australia Network

Home prices across regional SA have climbed almost 10 per cent over the past year, with fresh data showing they have far outpaced growth in any other regional or capital city market.

PropTrack’s latest Home Price Index shows property values across the state’s regional areas climbed 0.17 per cent in September and 9.86 per cent over the past year to a new peak of $399,000.

Regional QLD was the rural market with the next highest annual growth at 4.89 per cent, while Perth was the standout capital city with a 9.24 per cent rise over the past year.

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Meanwhile, Adelaide home prices also reached a new high, with the data revealing the city has recorded almost 7 per cent growth so far this year.

Property values in Adelaide climbed 0.48 per cent in September, taking the median to $689,000.

Prices are up 6.9 per cent for the year to date and 8.31 per cent since September last year.

Ray White SA chief executive Matt Lindblom said elevated interest from interstate, particularly Melbourne and Sydney, coupled with a lack of stock continued to boost prices.

“The investment market is still strong in the north and south, and also regional markets, where there are good yields,” he said.

“Those areas are certainly still going really strong.

“Where the price point is quite high, we’ve definitely seen a drop in interest – there’s interest there but it’s not as competitive.”

Mr Lindblom said property listings would increase over the next few months.

“There’s a lot of properties coming on this spring,” he said.

“We’re seeing increased confidence in vendors being happy to go to market – there are people who want to move but they’ve got to be confident they can buy something.

“You might find prices will moderate a lot more.”

PropTrack senior economist and report author Eleanor Creagh said Adelaide remained one of the country’s top performing markets.

“The comparative affordability of the city’s homes has seen prices defy rapid interest rate rises,” she said in her report.

“Low stock levels are also intensifying competition and home prices in Adelaide are rising at a fast pace.”

Nationally, home prices are up 0.35 per cent for the month and 3.75 per cent for the year, taking the median to $754,000.

Ms Creagh said the past month had been a busy start to the spring selling season.

“Looking ahead, interest rates have likely peaked and population growth is rebounding strongly,” she said.

“Together with a shortage of new home builds, prices are expected to rise.

“As we head further into spring, more markets are likely to reclaim 2022’s fast falls to set new peaks.”