10 best suburbs to invest in Adelaide in 2024
Adelaide is rated the second strongest market among the 14 jurisdictions in Australia in 2024, thanks to strong rankings in all five of our metrics. The city ranks first on one category, second on another and fifth or sixth on the other three.That confirms the chief characteristic of the Adelaide market in recent years: remarkable consistency of performance. This, a factor that allowed it to continue producing real estate growth in 2022 when many cities were in decline – and to deliver further strong outcomes in 2023.
20 Mar 2024
Adelaide is rated the second strongest market among the 14 jurisdictions in Australia in 2024, thanks to strong rankings in all five of our metrics. The city ranks first on one category, second on another and fifth or sixth on the other three.That confirms the chief characteristic of the Adelaide market in recent years: remarkable consistency of performance. This, a factor that allowed it to continue producing real estate growth in 2022 when many cities were in decline – and to deliver further strong outcomes in 2023.
As is so often the case with Australian property markets, Adelaide’s rise to become one of the nation’s best markets has coincided with major strides by the state’s economy. Long considered a low-growth state in terms of economic, population and property performance, South Australia has been transformed in recent years – and in the October 2023 edition of the State of the States report by CommSec, it was classified as the second strongest economy in Australia.
A few years ago, few investors were interested in Adelaide, but in 2023 it shared with Perth the mantle as the most desirable destination for investors’ money. A key appeal is its affordability relative to other cities: Adelaide’s median house price around $765,000 compares with $1.4 million in Sydney, $970,000 in Canberra, $950,000 in Melbourne and $875,000 in Brisbane (CoreLogic figures, January 2024).
Top 10 Rising Stars
- Andrews Farm
- Christie Downs
- Elizabeth East
- Enfield
- Greenwith
- Mount Barker
- Hope Valley
- Salisbury
- St Clair
- Woodcroft
Andrews Farm
Buyers seeking affordable options in Adelaide usually look to the northern suburbs, where suburbs like Andrews Farm provide houses in the $400,000s. That follows a 20% rise in the past year and a long-term capital growth average above 10% per year. Andrews Farm has good transport connections through commuter rail and the Northern Expressway, plus schools, shopping centres and a golf course. Vacancies are well under 1%.
Christie Downs
Buyers heading south for affordability in Adelaide often end up considering suburbs like Christie Downs, which sits alongside Christies Beach and is connected to central Adelaide by rail and the Southern Expressway. Christie Downs also adjoins the Noarlunga Centre, which has an array of community facilities. The median house price remains below $500,000, notwithstanding capital growth averaging over 12% per year, and houses sell in three weeks. Vacancies are near zero.
Elizabeth East
Suburbs in northern Adelaide with Elizabeth in the name (there are eight) are affordable ones, but they continue to attract buyers and tenants in droves because they offer affordability, good amenities and major employment nodes (and often rail links). Elizabeth East ticks all those boxes and has had big price growth, both recently and longer-term, but its median price remains below $400,000. And vacancies are 0.2%.
Enfield
This is a good example of middle-market Adelaide. It’s only 10 minutes from the Adelaide CBD with typical houses costing $650,000-750,000 and selling usually within one month. The vacancy rate of 0.4% is also in line with Adelaide norms, as are the recent and long-term capital growth rates. Enfield has the usual suburban amenities with the bonus of a major precinct of parkland, accompanied by sports and retail facilities..
Greenwith
Consistent performance is a hallmark of the Adelaide market in recent years and Greenwith is a fine example. Buyer demand has been remarkably steady for years and houses continue to sell quickly (average time on market is 25 days). Greenwith is part of the popular Tea Tree Gully LGA, where there are major green spaces for residents. Prices continue to grow at above-average rates and vacancies are close to zero.
Mount Barker
The Adelaide Hills have lots of expensive real estate by local standards, but a little further out at Mount Barker is where homes become more affordable. The town is well-connected by freeway and rail and has many amenities – which explains ongoing strong buyer demand, lots of home sales (470 in the past year) achieved quickly and continual price growth. Vacancies are low at 0.5%.
Hope Valley
This is another of the popular Tea Tree Gully suburbs with ongoing strong demand for houses in the $600,000s, persistently good price growth and vacancies near zero. There are lots of amenities in this suburb and its near neighbours, which are about 15 km from the Adelaide CBD. They include multiple schools, major retail, lots of green spaces, a TAFE campus and Modbury Hospital.
Salisbury
The City of Salisbury in Adelaide’s north has numerous options in price ranges, including affordable ones. The suburb of Salisbury is one of them, providing a hub with extensive retail and community facilities, train links, major green spaces and proximity to big employment zones, including the Edinburgh Defence facility. Price growth has been exceptional but the median house price remains around $500,000 and vacancies are just 0.2%.
St Clair
This small enclave near Port Adelaide packs a lot of value into a short space – three commuter train stations, a shopping centre and other retail, plus parks and sports fields. Apartment sales are more common than house sales, with units typically selling in three to four weeks, and prices growing strongly. Vacancies are low even by Adelaide standards, at just 0.2%.
Woodcroft
Suburbs with lots of parks, reserves and other major green spaces often feature prominently for above-average buyer demand across Adelaide, and Woodcroft, in the southern suburbs, is one of those locations. Woodcroft is in the area of the Onkaparinga Hills and includes Tangari Regional Park and Vines Golf Club. This suburb has rising demand, rapid price growth and ultra-low vacancy rates.
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Our metrics
Sales volumes
Adelaide continues to attract consistent buyer demand. Consistency is the hallmark of the property market in Adelaide, with houses selling steadily in its suburbs., with steady sales activity over time, as those rated as rising markets. There is also a significant number of locations rated as recovering markets. Overall, Adelaide ranks sixth on this metric.
Quarterly price growth
Adelaide produced strong price uplift in 2023, with the median house price rising 8.6% and unit median up 10.2% – not the highest across Australia but in the top few. Adelaide prices made particular progress late in the year, and in the December Quarter, the rise in its median dwelling price was the second highest after Perth. Accordingly, Adelaide has recorded strong numbers with quarterly price growth, with 73% of locations rising more than 2% – which ranks the city first in this category.
Vacancy rates
Lately, most parts of Australia have tight vacancies, but Adelaide’s numbers are ridiculously low. Most locations have had vacancy rates closer to zero than to 1% – with 94% of locations under 1%, which ranks the city second in the nation, marginally behind Perth.
Rental growth
With vacancies so low and the local economy so strong, rental growth is inevitable. In the past 12 months, 83% of Adelaide suburbs have recorded rental increases of more than 10%, which ranks the city sixth among the 14 jurisdictions.
Infrastructure spending
Adelaide continues to invest steadily in infrastructure improvements, notably the road network and rail links, as well as medical and educational infrastructure. There is particularly large investment in the Edinburgh Defence precinct, major IT enterprises and big commercial-industrial precincts. We rank Adelaide fifth in this category.
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| Suburb | Median price |
1-yr growth |
10-yr average annual growth (%pa) |
Vacancy rate |
Median rental yield |
Initial Outlay (no concessions) on 20% deposit |
Monthly repayments |
|---|---|---|---|---|---|---|---|
| Andrews Farm |
$450,000 | 20.1% | 10.4% | 0.6% | 5.3% | $113,180 | $2,275 |
| Christie Downs |
$480,000 | 8.8% | 12.6% | 0.2% | 5.1% | $120,968 | $2,427 |
| Elizabeth East |
$375,000 | 16.4% | 13.0% | 0.2% | 5.1% | $93,758 | $1,896 |
| Enfield | $685,000 | 10.1% | 9.2% | 0.4% | 4.1% | $175,159 | $3,464 |
| Greenwith | $655,000 | 7.4% | 8.8% | 0.2% | 4.3% | $167,221 | $3,312 |
| Mount Barker |
$620,000 | 12.6% | 9.2% | 0.5% | 4.5% | $15,7921 | $3,135 |
| Hope Valley |
$630,000 | 11.0% | 9.6% | 0.1% | 4.3% | $160,558 | $3,186 |
| Salisbury | $500,000 | 16.4% | 10.7% | 0.2% | 4.9% | $126,160 | $2,528 |
| Salisbury (Units) |
$320,000 | 26.7% | 7.8% | 0.2% | 6.4% | $79,432 | $1,618 |
| St Clair | $330,000 | 10.0% | 1.5% | 0.2% | 5.7% | $82, 028 | $1,669 |
| Woodcroft | $660,000 | 11.4% | 10.5% | 0.2% | 4.1% | $168,496 | $3,337 |
Source: www.canstar.com.au. Prepared on 22/01/2024. Based on a selection of suburbs’ median prices, growth and rent figures provided by Hotspotting by Ryder. Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium for the 10% deposit scenarios. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. Monthly repayments calculated based on the average variable interest rates of 6.5% (20% deposit) and 6.8% (10% deposit) and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $600,000 over the past year, rounded to the nearest 0.1%. Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2020-21), adjusted by the ABS Wage Price Index (Sep-2023) for each state.
Cover image source: Sue Burton Photography/Shutterstock.com
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