Adelaide housing market update [video] | April 2024

Last month's 0.6% lift in national home values marked the 14th consecutive month-on-month rise, taking the index 1.6% or about $12,000 higher in the March quarter.

Since declining 7.5% in the downturn between April 2022 and January 2023, the national home value index has increased by 10.2%, adding approximately $72,000 to the median value of a home and pushing to new record highs each month since November last year.

The national quarterly pace of growth accelerated from 1.4% in Q4 last year to 1.6% in Q1 this ye

Adelaide home values were 1.4% higher in March, a step up from the 0.9% rise recorded in both January and February.

This took values 3.3% higher over Q1, adding approximately $23,000 to the median dwelling value.

Though housing values are rising faster than at the end of last year, the quarterly trend has halved relative to the middle of last year when home values were rising at 3.3% quarter-on-quarter.

Rate hikes, cost of living pressures and worsening housing affordability are all factors that have contributed to softer conditions since mid-last year.

However, an undersupply of housing relative to demand continues to keep upwards pressure on home values despite these headwinds.

The monthly movements in housing values across our capital cities continue to be punctuated by diversity

The unit sector has been a little stronger than houses since September last year, with values up 3.9% and 3.3% respectively over the March quarter.

Growth has been strongest across mid-value units, up 4.8% over the quarter, followed by lower quartile house values up 4.4%.

After being led by the upper quartile, for most of last year, the strongest growth conditions have migrated to the lower quartile across most capital city markets.

Across the combined capitals, lower quartile home values increased by 3.1% in the first quarter of the year, compared with a 0.7% rise across the upper quartile of the market.

After being led by the upper quartile, most of last year, the strongest growth conditions have migrated to the lower quartile across most capital city markets.

Across the combined capitals, lower quartile home values increased by 3.1% in the first quarter of the year, compared with a 0.7% rise across the upper quartile of the market.

In a demonstration of strong demand, sales activity was estimated to be 26% above the previous five-year average through the March quarter.

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National Housing Market Update [Video] 

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Sydney Housing Market Update [Video]

Brisbane Housing Market Update [Video]

Melbourne Housing Market Update [Video]

About Tim Lawless Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au