A D E L A I D E
Although the last decade was very positive for luxury prices as a whole , 2023 was slightly better for median prices . Median house prices grew 10.3 per cent compared with 2022 , outperforming luxury house price growth by 1.1 per cent . Similarly , median unit price growth outperformed luxury unit price growth by 1.3 per cent . Still , this does not discount the fact that Adelaide had the second-fastest price growth among major cities during 2023 .
PER CENT PRICE GROWTH FROM 2022 TO 2023 - HOUSE VS UNIT
House
Unit
10.32
9.19 11.28
Median
10.06
Luxury
Source : Neoval
Moving to transaction volume , Adelaide ’ s 10-year trend has been very positive . In 2014 , it only sold four luxury houses and seven luxury units . Fast forward to 2023 and luxury house transactions increased by 6.7 times to 27 while luxury unit transactions increased by 5.7 times to 40 . This already accounts for the 7.5 per cent drop in luxury house transactions in 2022 and the more recent 25 per cent drop in luxury unit transactions in 2023 .
COUNT OF LUXURY TRANSACTIONS - HOUSE VS UNIT
40
HOUSE
35
30
25
UNIT
20
15
10
5
0 2014
2015 2016 2017 2018 2019 2020 2021 2022 2023
Source : Ray White
36