Adelaide ended 2023 with luxury house prices at $1.6 million, 2.2 times more than in 2014 and a 9.2 per cent increase from 2022. For the first 6 years of the last decade, luxury house prices increased incrementally, but once the $1 million threshold was passed in 2020, luxury house prices surged in 2023. Median prices have followed a similar but more muted trend.
Luxury unit prices saw a similar burst in prices post-2020. Between 2014 and 2020, prices grew at an average annual rate of 1.3 per cent, but between 2021 and 2023, this rate jumped to an average of 11.9 per cent per year. Luxury unit prices peaked in 2023 at $994,000, just shy of the million-dollar mark.
Australians hoping for a reprieve on mortgage interest rates in 2024 might be disappointed. Recent economic data suggests the Reserve Bank of Australia (RBA) could raise rates multiple times this year, despite a slight dip in inflation. To better understand the forces at play, and understand what the future for … Read more
Adelaide’s rental crisis is showing no signs of easing with the City of Churches named Australia’s most difficult market for prospective tenants. New PropTrack data shows Adelaide overtook Perth in March to become the nation’s most challenging market in which to secure a rental, with just 0.83 per cent of … Read more