Blog - Adelaide’s Ascendancy and Rental Reforms: Insights from October 2023
Adelaide’s Ascendancy and Rental Reforms: Insights from October 2023
MARKET UPDATE- OCTOBER 2023
As we look back at the month of October, Adelaide’s housing market continues its steady climb, reaching unprecedented heights.
August witnessed an increase of 1.1% in Adelaide’s housing values, pushing them to a new record high. Currently, the median house value in Adelaide is $682,642. Over the past five years, Adelaide’s home values have shown an impressive increase of 49%, marking the most substantial growth among all the capital cities.
A significant contributing factor to this growth is the limited supply of available properties, with listings dropping to nearly 42% below the previous five-year average for this time of the year.
Furthermore, Adelaide boasts the lowest rental vacancy rate of any capital city, standing at a mere 0.4%. These extremely tight rental conditions are likely encouraging more individuals to explore the option of homeownership, especially amidst this ongoing rental crisis.