2022 reviewed
City of Onkaparinga
This is one of the nation’s outstanding markets, in a city that has led Australia on price growth. Every suburb recorded double-digit growth in its median house prices in 2022, including 15 suburbs which rose by more than 20%. Hackham West rose 42%.
Adelaide shares with Perth the title of leading city market. The momentum that allowed the city to defy the national downturn pressures in 2022 is continuing into the new year, with a rising state economy inspired by its growing status for hightech innovation, alternative energy, education and defence industries.
South Australia has shaken off its traditional reputation as a low-growth state and is now delivering economic and population growth, with Adelaide real estate responding strongly from 2020 through to 2022.
Adelaide shares with other capital cities a common theme: the upper end of the market has struggled but the more affordable areas have continued to attract good demand, leading to price growth. The South Australian capital has become a particular favourite of investors nationwide because of its affordability, recent growth record and above-average yields.
While low vacancies are the reality nationwide, nowhere has a rental market as tight as Adelaide’s – most postcodes have vacancy rates closer to zero than to 1%. This means rents and yields are rising.
Regional South Australia is the least-discussed market in the nation, but it has a number of centres where the market is strong, boosted by affordable prices and high rental yields. They include Murray Bridge, Mount Gambier, Port Lincoln, Whyalla, Port Augusta and the towns in the Victor Harbor precinct south of Adelaide.