Adelaide property prices predicted to rise up to 7 per cent in 2024
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Jessica Brown

News Corp Australia Network

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Adelaide property prices are predicted to rise between 4 and 7 per cent in 2024, according to a new report.


Adelaide property prices are tipped to keep rising next year, with a new report predicting between 4 and 7 per cent growth.

PropTrack’s latest Property Market Outlook report shows the city will remain one of the strongest capital markets in the country if the prediction proves correct.

The biannual report considers the current market trajectory, as well as predictions on housing supply, interest rates and the impact of rate rises to date.

Prices have climbed 9.2 per cent so far this year, taking Adelaide’s median property value to a record $703,000 as of the end of November.

Harcourts SA chief executive Gregg Toyama said it was always difficult to predict the future but he agreed with the forecast.

Harcourts new SA/NT CEO Gregg Toyama

Harcourts SA chief executive Gregg Toyama. Picture: AAP/Mike Burton.


“I’d probably have to concur with their predictions,” he said.

“We’ve had numerous interest rate rises and rising cost of living pressures but the property market has really remained stronger than a lot of people have expected purely on supply and demand.”

Mr Toyama said while demand remained strong, buyer and seller sentiment had changed a lot in recent years.

“We’re noticing the market is becoming more measured,” he said.

However, he believed the Reserve Bank of Australia’s latest decision to keep interest rates on hold would restore some confidence.

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Nationally, prices are expected to rise between 1 and 4 per cent in 2024, according to the report.

They have climbed 5.5 per cent so far this year, with latest PropTrack data showing the national median has reached a record high of $761,000.

PropTrack economic research director Cameron Kusher said there were a range of reasons prices were forecast to climb further.

PropTrack economic research director Cameron Kusher. Picture: supplied.


“We expect that a combination of continued strong demand and limited new housing construction will contribute to price gains, albeit at a slower pace than what we experienced this year,” he said.

“Stage three tax cuts will commence in July, which will benefit higher income earners and inturn, could lead to increased demand for higher priced housing.

“Interest rates are now at a 12-year high, and while they remained steady in December, there is a possibility of future increases, which could have an impact on buyer and seller sentiment.”

Mr Kusher said limited stock available for sale coupled with significantly increased demand that has been fuelled by a housing shortage and significant population growth were among the factors the drove the price rebound this year.

“It’s likely these trends will continue into 2024,” he said.



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