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SA Real Estate Market & House Prices

The South Australian real estate market is one of the most stable and sought-after markets in the country. With a population of over 1.7 million people and a diverse economy, the state is one of the notable drivers of Australia’s economy.

The real estate market in South Australia is underpinned by strong fundamentals, including a growing population, low interest rates and a strong economy. There are a few hotspots in South Australia that are particularly popular with investors.

The capital city, Adelaide, is attracting a lot of interest thanks to its strong economy, growing population and many lifestyle attractions. The city’s property market is very diverse, with something to suit every budget.

The seaside town of Glenelg in Holdfast Bay LGA is also proving to be a popular choice with buyers, thanks to its beautiful beaches and relaxed lifestyle. This is a great place to invest if you’re looking for a holiday home or rental property.

If you’re after something a bit different, the country town of Clare Valley is definitely worth a look. This picturesque wine region is becoming increasingly popular with tourists, making it a great place to buy a holiday home or an investment property.


The above heatmap illustrates South Australia’s annual house price change. Darker blues stand for higher growth, whereas paler blues depict lower growth. The data is updated at the end of every month.

Toggle the Lower Risk heatmap for an alternative outlook, highlighting areas with lower risk more vividly. The Risk Score, a metric graded from 1 to 100, factors in various risk factors, for instance, data, market and environmental, and assigns higher scores to areas with lower risk. For more on HtAG’s property market risk criterion, click here.

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Snapshot of Key Metrics & Market Comparison Table

We start with a snapshot of the South Australia market that provides an overview of key real estate metrics. The data in this snapshot illustrates typical price, median rent and gross yield metrics for the state.

Use the Houses/Units toggle buttons below to view the market snapshot for different property types in South Australia.

Buy 

2BR

3BR

4BR

5BR

Rent 

2BR

3BR

4BR

5BR

Yield 

2BR

3BR

4BR

5BR

Buy 

1BR

2BR

3BR

Rent 

1BR

2BR

3BR

Yield 

1BR

2BR

3BR

You are able to drill down to LGA-level data and charts which visualise these 3 key metrics as well as other important indicators in the table that follows.

Enable additional columns in the table by clicking on the buttons underneath it. Toggle between LGA and Suburb views in the table’s navigation bar. The data in the table represents key real estate metrics as of the current quarter and is updated on a monthly basis i.e. 3 times per quarter.

Clicking on an LGA or Suburb links in the table will take you to the relevant LGA page where you can drill-down to the next level of data.

SA House Prices

South Australia is one of the most affordable states to live in, with house prices well below the national average. The state has seen strong growth in recent years, with the Adelaide metropolitan area experiencing healthy price increases. First home buyers are particularly active in the market, helped by generous government incentives.

The typical house in the South Australia have seen plateaus with no significant peaks and throughs over the past 10 years. The typical house price was at a plateau of mid $450,000 in 2018-2019. The prices have been on the rise since the last quarter of 2019, reaching $565,000 in 2022.

The SA units have been steadily increasing over the years reaching $604,000 in 2022.

The interactive chart below shows typical price for both houses and units as well as the sales volume per quarter. Toggle additional views of prices per number of bedrooms by clicking on BR2, BR3 etc underneath the graph. You can also drill down to LGA charts using the dropdown in the chart navigation bar.

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The South Australian economy has been performing well, with strong job growth and low unemployment. This has helped to create more confident and affluent buyers, who are willing to pay more for a property.

With strong growth expected in the coming year, house prices are expected to continue to rise, providing good capital growth potential for investors.


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SA Rental Prices

It’s not just house prices that are on the rise in SA, either. The median rental prices for both houses and apartments in South Australia have steadily increased over the years.

Median weekly rent prices for houses in SA are at an all time high of $394PW as of 2022 Q1. Rent prices for units have plateaued at $400PW in 2021-2022

Use the interactive chart below to explore the rental prices in South Australia in detail.

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Of course, rental prices vary depending on the specific location within South Australia. For example, in the city of Adelaide, the median one-bedroom rental price is $361 per week. But in other parts of the state, such as Mount Gambier, you can find one-bedroom apartments for as little as $200 per week.

So why is South Australia such a great state for renters?

For starters, the cost of living is relatively low. That means tenants have more money to spend on other things, like travel and entertainment. Additionally, South Australia is home to some of Australia’s most beautiful scenery. From the stunning coastline to the towering mountains, there’s something for everyone to enjoy.

Gross Yield on Investment Properties in SA

Gross yield on investment properties in South Australia has been on the decline in recent years, as more and more people are drawn to the stability and high returns that the state offers resulting in increased prices.

Gross yield is the percentage of the purchase price that the investor receives in income each year. In South Australia, gross yields for property investment ranges from 2.0% to 12.5% depending on the location. Lower priced suburbs typically offer higher yields. However, there are exceptions to this rule.

At a high level Gross Yield in SA reached its’ local peak of 4.4% in 2019. Since then the gross yield dropped further to 3.7% in 2022 Q1.

Explore the chart below to visualise the gross yield trends for SA LGAs in detail.

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There are a number of reasons why South Australia is proving to be such a popular investment destination. Firstly, the state has a tightly held housing market which is not easily accessed by interstate or overseas investors. This lack of competition is driving up prices and delivering strong returns for those who are able to get a foot in the door.

Secondly, the South Australian economy is diverse and strong, with a number of industries thriving. This provides investors with peace of mind that their property will always be in demand, no matter what the economic climate is like.

Lastly, South Australia has a range of affordable investment properties available, from units to houses, making it an achievable goal for many would-be investors.

With all of these factors working in its favour, it’s no wonder that gross yield on investment properties in South Australia is on the decline due to increasing house prices and rents that are yet to catch up.

SA Property Type Demand Profile

The state has a variety of different property types that are popular with buyers.

The most popular type of property in South Australia is the house. There are many different types of houses, such as bungalows, semi-detached homes, and detached homes. Flats, apartments, and townhouses are also popular choices.

As far as residential property market is concerned, the most in-demand SA real estate are 3 and 4 bedroom houses, followed by 2 bedroom units. The units are dominant in CBD of urban centres, whereas other LGAs are mostly rural and have 3 and 4 bedroom house preferences.

Use the chart below to understand which property types have the highest demand in South Australia real estate market.

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Whether you’re looking for a affordable starter home or a luxurious beachside retreat, you’re sure to find it in this beautiful state.

Detached houses are the most popular type of property in South Australia, with families and couples looking for their own slice of the Aussie dream. These properties are usually located in the outer suburban areas of Adelaide, where there is more land available.

Townhouses are a popular choice for those who want a little more space than an apartment but don’t want the hassle of maintaining a detached house. These properties are often located in the inner-city suburbs of Adelaide, close to amenities and public transport.

Apartments are a popular choice for singles and couples who want to live in the city but don’t need a lot of space. These properties are usually located in the CBD or inner-city suburbs of Adelaide and can be found in a range of different sizes and styles.

Rural properties are becoming increasingly popular as more people look to escape the hustle and bustle of city life. These properties are typically located in regional areas of South Australia and can offer a more relaxed lifestyle.

Investment properties are also in high demand, as they offer a great way to diversify your portfolio and earn a good return on investment. These properties can be located anywhere in South Australia and can be of any type.

The South Australia is a large and diverse area, so the property people search for vary depending on the location. Be sure to explore the data to understand dwelling type preferences in each of the state’s LGAs.

SA Buy & Rent Search Index

As the world increasingly moves online, more and more people are interested in conducting their property search online. This is especially true in South Australia, where majority of people looking for a new home start their search online.

This increase in online search interest is likely due to a number of factors, including the increasing popularity of online property This popularity is likely due to a number of factors, including the state’s affordable housing market, its strong economy, and its lifestyle offerings. With so much to offer, it’s no wonder that online searches for South Australian properties are on the rise.

The chart below illustrates the trends for “buy” and “rent” online searches in South Australia. You’ll notice that searches for rental properties have increased over the years. Both “Buy” and “Rent” searches peaked towards the end for 2020 and have since returned to average historical levels.

The black lines on the chart highlight the search index, which is calculated by apportioning the LGA “buy” or “rent” searches to the state average.

The overall search index for SA is calculated as an average of all LGA indexes. It has historically hovered between 3.0 and 4.0 for houses which is lower than the index in more populated and economically developed states in the country.

Notably the search index for South Australia units is historically somewhat higher than that for houses, favouring the index of 4.0.

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Recent data also shows that online search interest for rental properties in South Australia has been steadily increasing over the past few years.

One reason for this may be that renters are becoming more aware of the many benefits of renting, such as greater flexibility and freedom, and the ability to live in a desirable location without the commitment of owning a property.

Whatever the reason, it’s clear that there is strong demand for rental properties in South Australia, and that Adelaide is an increasingly popular choice for renters.

SA Market Growth Rate Cycles

It is well-known that the property market undergoes cycles of growth and contraction. However, the length and severity of these cycles can vary considerably from region to region. In South Australia, the property market has experienced a number of small ups and downs over the past few years, but is currently in a period of strong growth.

The South Australia property market has entered the growth phase in early 2020. The market has been performing well since then, with house prices and rents increasing. The market is expected to continue to grow in the short-term. However some outlier LGAs such as PUA and COOBER PEDY show signs of a continuing decline.

The chart below illustrates the year on year changes in SA property prices.

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There are a number of factors that have contributed to this market upturn, including low interest rates, strong population growth and improved economic conditions. And with good conditions expected to continue, now is an ideal time to enter the South Australian property market.

Looking ahead, South Australia’s property market is expected to continue to grow, although at a slower pace than in recent years. This is due to a number of factors, including strong economic growth, low interest rates and strong population growth.

Ratio of Renters to Owners in SA LGAs

Since the 1990s, the number of people renting in South Australia has been on the increase.

The increase in renting is not just a South Australian phenomenon. Across Australia, the rate of home ownership has been declining while the rate of renting has been on the increase. This trend is being driven by a number of factors, including the increasing cost of buying a home, the rise in housing insecurity, and the growth of the gig economy.

A high renter to owner ratio indicates that there are more renters than owners, which could be a sign that the market is unaffordable for many people. A low renter to owner ratio, on the other hand, could indicate that the market is ripe for investment.

Furthermore, the importance of having more owners than renters in a property market is that it gives people a sense of stability. Owners are incentivised to maintain their property and contribute to the community, increasing the appeal of the neighbourhood as a whole.

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As a rule of thumb, there should be no more than 45% renters in an area for it to be considered to have a good investment potential. Interestingly the overall percentage of renters in SA is at 25% which is well below the threshold.

The changing housing market is having an impact on the way that people live their lives. For example, the growth in renting has led to an increase in the number of people who are ‘renters by choice’. These are people who have chosen to rent, rather than buy, because it suits their lifestyle or financial situation.

The high price of housing is not the only reason why the renter to owner ratio in South Australia is so high. Another reason is that many people who do own their own home are actually investors, who rent out their properties rather than live in them.

Whatever the reasons for the high renter to owner ratio in South Australia, it is clear that renting is becoming increasingly popular.

Ratio of Units to Houses in SA

There is no definitive answer when it comes to the ratio of units to houses in South Australia. This is because the number of apartments and houses can vary greatly from one suburb to the next. For example, in some areas of Adelaide there may be more high-rise apartments than houses, while in other suburbs there may be a mix of both.

That being said, according to the most recent census data, the average ratio of apartments to houses in South Australia is about 1:9. This means that for every 9 houses in the state, there is approximately one apartment. This ratio has remained relatively stable over the past few years, with a slight increase in the number of apartments being built in recent years.

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The increasing ratio of apartments to houses in South Australia is having a few impacts on the state. However, compared to other states and territories, the overall ratio of units to houses is well under the threshold at with just 10% of dwellings sold being units.

One reason why the ratio of apartments to houses in South Australia has remained relatively stable is because the state government has placed limits on the amount of high-rise development that can occur in Adelaide. This is to prevent the city from becoming overly congested and to preserve the character of some of the older suburbs.

Nonetheless, with the population of Adelaide and South Australia continuing to grow, it is likely that the number of apartments will also continue to grow in the coming years. This could see the ratio of apartments to houses increase slightly, but it is unlikely to reach a level where there are more apartments than houses.

SA Property Market Socio-Economics

There are a number of socio-economic indicators that can be used to measure the wellbeing of the people of South Australia. These include measures of income, employment, education, health, housing and crime.

The Index of Relative Socio-economic Advantage and Disadvantage (IRSAD) is a tool that can be used to help identify areas of disadvantage within a state or territory. The index is based on a range of economic, social and environmental indicators and is designed to identify areas of disadvantage that are not well captured by existing measures.

The IRSAD index shows that South Australia has some areas of disadvantage. These areas tend to be located in the north and west of the state. The chart below shows the IRSAD index for South Australia LGAs and for South Australia as a whole.

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2 – 4

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People in the higher socio-economic status are more likely to be able to afford to purchase and rent property in the area. This helps to increase demand for rental properties in the market and frequently attracts high-quality long-term tenants.

The index can be used to identify areas of disadvantage that may not be apparent when looking at other measures of disadvantage, such as incomes or unemployment rates.

South Australia has been found to have a greater index of relative advantage and disadvantage compared to more developed states in Australia.

If you’re thinking of buying a property in SA, it’s important to do your research and know the socio-economic status of the property market you’re considering to invest in.

Conclusion

South Australia has a diverse and strong economy, with a rising population. The state is well known for its strong real estate market with popular investment hotspots across the state.

Both houses and units have seen steady increases in prices. Gross yield on investment properties in the state also ranges depending on location. Detached houses remain the most sought-after property in SA, as well as townhouses and apartments. There is a high demand for rental properties in the state which indicates a good investment potential.

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This feature enables users to analyse risk, capital growth, cashflow potential, and more, all with just a few clicks. Even better, users can hone in on specific submarkets, such as houses and units, to create the optimal investment strategy.

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More about South Australia Property Market

What infrastructure projects are currently planned in South Australia?

The South Australian Government is planning a number of infrastructure projects to improve the state’s economy and liveability. You can find out more about these projects on the SA government website.