With the all Australian capital city property prices forecast to grow in 2023, the Adelaide property market is a leader with forecast growth at the upper end for units and the mid range for houses.
Over the past decade property growth in Adelaide has grown slower than Sydney and Melbourne and more recently Brisbane but Adelaide is now due for a catch up with Dr Andrew Wilson forecasting property growth in 2023 of 8%+ for units and 5%+ for houses.
The median house price at the end of 2022 was $769,794 after growing 31.5% in in the past 2 years and is now higher than Perth ($682,632) and equivalent to Brisbane ($785,840). This very high house price growth in was higher than Sydney (23.8%), Melbourne (16.9%) and Perth (23.4%).
According to the statistics Adelaide property market has extremely low vacancy rates (0.4%-0.5%) making it one of the lowest in the country which is putting upward pressure on rents. Remember that a 3% vacancy rate is in equilibrium and anything under 1% is almost no supply at all.
With unit prices tipped to grow 8%+ in 2023 and with Adelaide's median unit price of $384,604 (Jan 23) one of the lowest in the country compared to other capital cities you will need to take action to avoid missing out.
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