Why you should consider investing in Adelaide's real estate market in 2024
Why Adelaide?
Adelaide was named the third most livable city in the world in 2021. It’s no surprise that since this time, the Adelaide property market in Adelaide has gone from strength to strength. A city that offers excellent healthcare and education opportunities is likely to see a surge in property demand, leading to an increase in property values. Additionally, a city that boasts a lively cultural scene and is committed to environmental preservation and infrastructure development tends to enhance the overall quality of life, making it more desirable for potential homebuyers and investors.
Adelaide’s real estate market and economy are stronger than ever. At the beginning of 2024, South Australia’s economy was recognised as the strongest in Australia. South Australia also currently has the strongest job market and holds the top spot for construction work done helping it drive Adelaide’s property market to be more resilient and consistent than ever.
Adelaide real estate experienced consistent price growth in 2023 and this is continuing into 2024. In 2023, the median house price rose by 8.6% and the unit median was up 10.2%.
Despite property prices being up almost 60% higher since the start of the Covid pandemic, house prices remain affordable compared with other capital cities. As at 2024, the median house value is $750,000, and in many suburbs, buyers can secure something for less than those giving buyers more ‘bang for their buck.’
SQM research data shows that Adelaide’s vacancy rate sits at just 0.6% (equal to Perth), and Sydney at 1.2%, Brisbane 1% and Melbourne 1.1%.
So, what is driving the Adelaide real estate market?
There are many things driving the success of the property market, but a large part is the level of infrastructure spending. Adelaide continues to invest in infrastructure improvements, most notably the rail and road networks as well as medical and education infrastructure.
Money continues to be invested in the Edinburgh Defence precinct, major IT enterprises and big commercial-industrial precincts. Job creation leads to further demand for housing and demand for housing inevitably leads to price growth.
While the Adelaide property market has demonstrated strong growth, it’s important to recognise that not every location within Adelaide offers the same level of opportunity. Investors should still carefully evaluate the lifestyle features of a location, transport links, proximity to job nodes/employment hubs, supply and demand factors, vacancy rates, economic data, infrastructure spending and other key fundamentals. Therefore, we recommend a thorough analysis of these factors for making informed investment decisions in Adelaide’s diverse real estate landscape.
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