The latest PropTrack Home Price Index reveals diverse trends in home price growth across Australia, with South Australia showing notable increases, particularly in Adelaide and its surrounding regions.
Despite a nationwide monthly decline of 0.2% in December 2024, the annual growth paints a different picture. Nationally, home prices have increased by 4.6%, with a median home value of $653,000. However, Adelaide and the rest of South Australia have outperformed the national average significantly.
In Adelaide, there was a slight monthly decrease of 0.2% in December. However, compared to the same period last year, prices jumped by 13.5%, bringing the median home value to $793,000. This ranks Adelaide second among all capital cities in terms of annual price growth for dwellings. Both units and houses in Adelaide experienced robust growth with increases of 13.6% and 13.1% respectively.
The rest of South Australia also enjoyed significant price appreciation. Dwellings in these regions experienced a monthly increase of 0.6% and an annual rise of 13.0%, with the median home value now standing at $467,000. Particularly, houses led this growth with an increase of 13.3%, while unit prices rose by 6.2% since December 2023.
Certain regions in South Australia demonstrated exceptional growth. The Barossa, Yorke Peninsula, and Mid North region saw house prices surge by 16.8%, making it the area with the highest growth. West Adelaide followed closely with house prices increasing by 16.1%, while North Adelaide saw a 15.4% rise. In terms of unit prices, North, West, and South Adelaide led with growth rates of 15.4%, 14.6%, and 14.1% respectively.
Recently, the most and least expensive streets in Adelaide and regionally were revealed, reflecting historic house prices throughout the state.
The PropTrack Home Price Index is a measurement system to monitor monthly changes in home value. It covers national, state, and regional levels, ensuring a comprehensive overview of market trends.
For more property statistics, visit the PropTrack website: https://www.proptrack.com.au/
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