Land Market

Prices

Greater Adelaide median residential land prices moderated in the June quarter 2023 (down 0.3%) to reach $249,350 (up 25% over the year).

Residential land prices remain around record highs underpinned by the resilience of the Adelaide residential market, housing shortages (including very limited rental stock as shown by very low vacancy rates) and historically strong population growth.

Greater Adelaide Median Lot Price (3-month moving average, selected lot types)

The volume of sales in the Greater Adelaide market edged higher in the June quarter 2023 from the previous quarter (rising from 611 sales to 641 sales).

The result was driven by a range of factors including robust population growth and growing housing shortages.

The median size of lots transacted across the Greater Adelaide market declined in the June quarter 2023.

The size of lots transacted continues to decline due to a combination of factors including growing affordability and serviceability pressures (due to higher land prices, higher interest rates and construction cost increases).

South Australia

Greater Adelaide*

June Quarter 2023

Commonly Sold Lots 12.5 x 30m 14 x 30m 10 x 30m

Median Price

$245,000 408sqm $579 per sqm

Median Size