Overview

• Adelaide’s median house price has reached $1,000,202, making it the fifth Australian capital to surpass the $1 million mark, according to Domain’s latest report.
• The pace of property price growth has slowed nationally, with house prices now rising at one-third the rate seen in 2024.
• High migration rates, constrained housing supply, and lingering effects of the pandemic’s low cash rates are key drivers of Adelaide’s price surge.
• Housing affordability is a pivotal issue in the upcoming federal election, with both major parties proposing first home buyer support measures to address the widening gap between prices and buyer capacity.
• Experts suggest that further interest rate cuts expected in 2025 may provide some relief for buyers, but sustained supply-side reforms are needed to tackle the housing crisis effectively.