Housing in crisis?
Adelaide housing is going through its first real housing crisis.
Adelaide’s property market has reached a new milestone, with the median house price surpassing $900,000 for the first time. In contrast, some suburbs in the northern parts of the city continue to offer homebuyers more affordable options, with median prices around $400,000. However, these areas are also experiencing rapid price increases, adding to the challenges for those trying to enter the property market. Many prospective buyers are already struggling with high rents due to persistently low rental vacancy rates.
“It’s very much a landlord’s market and that continues to place pressure on asking rents,” said Domain’s Nicola Powell. Despite the overall surge in property prices, a few suburbs have unexpectedly become more affordable. Woodville West has seen the most significant drop in median house prices, with a decline of almost 9 percent, followed by Kilburn.