House and unit prices in Adelaide are forecast to rise by around 3% in 2020 and 2021, according to Domain’s Property Price Forecasts – February 2020.
Over the past five years, Adelaide’s house prices have grown by an average of 3% annually, and unit prices by 2% annually. Based on these forecasts, Adelaide’s median house and unit price will be $575,000 and $325,000 respectively at the end of 2021, the report noted.
More buyers are looking for properties in Adelaide, noted the Domain report, which James Trimble, General Manager Raine & Horne said is an excellent opportunity for vendors. “There has been a tightening of listings, which means that any properties going to market now will have less competition and this situation should support some price growth opportunities.”
James continued, “There is a real enthusiasm for buying a home in Adelaide, which is being supported by lower interest rates. Given there is a tightening in listings, buyers are prepared to pay very agreeable prices to get into a home.”
Properties priced between $400,000 - $600,000 represent the autumn market sweet spot in Adelaide, James advised.