Adelaide to resume housing growth in 2022
Adelaide’s property market has historically been a strong performer, with both houses and units seeing a steady rise in the median prices. Being one of the major cities of Australia, it still offers a very similar lifestyle to the other capital cities at a much more affordable price.
Adelaide experienced a very strong year for property prices throughout 2022, with figures reported by CoreLogic showing the city saw an increase of 24.8 per cent for the year to 31 January 2022. It has also had one of the strongest starts to 2022, benefitting from a 2.18 per cent increase, sitting second behind Brisbane which saw an increase of 2.34 per cent.
The city has undergone an extensive transformation over the past decade, led by several major private and public sector projects. Adelaide has also been named as the most competitive city to do business in the Asia Pacific region by KPMG.
There are a number of economic drivers for the city, which include and are not limited to, $3.6 billion of existing and planned CBD infrastructure developments, $3.6 billion Adelaide BioMed City, one of the southern hemisphere’s largest health and life sciences clusters and $90 billion of defence projects in the pipeline over the next 20 years, the largest share of Australia’s total country defence material spend.
Adelaide has been consistently recognised as one of the top 10 most liveable cities in the world, ranked the third most livable city by The Economist Intelligence Unit’s Global Liveability Index in 2021, which ranks cities based on stability, healthcare, culture, education and infrastructure.
If you would like to discuss the Australian property market in more detail, please reach out to the team to organise a time to have a conversation about how Wealthi can help you build a successful property portfolio.
Chris Hynes is Wealthi’s Global Research Analyst, Based in London