Strong demand and limited supply Despite new releases, the Adelaide ground prices have risen almost 5 percent – or $ 15,030 – in the last three months.
New research by Oliver Hume Property Group shows that the median party price has risen by 4.7 percent in the quarter of June and 17.5 percent compared to the past year (or $ 46,850) to a median of $ 335,000.
The median price per square meter of land is now $ 893, an increase of $ 667 in the first three months of the year, while the median party size fell from 480 m² to less than 400 m².
The sales volumes had also risen after new land releases, from 271 in the quarterly from March to 454 in the three months to June, but they are the previous year in the same period (635).
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The median party price of Adelaide is now $ 335,000 after the growth in the quarter of June, according to Oliver Hume Property Group.
Julian Coppini, Chief Executive of Oliver Hume.
Water and sewerage challenges and do not have sufficient infrastructure to operate new houses, as well as increasing pressure on providers of civil activities, caused major delays, he said.
“On average now in Adelaide are time frames to get (land) entitled on average about 18 months,” said Mr. Coppini.
“You don’t want that getting worse, so developers withdraw for releases from the stock.
“The question is there too and that is why prices are rising.”
The Barossa registered the largest rise in land price, with its median 36.2 percent to $ 395,000, followed by Alexandrina, which rose by 18 percent to $ 285,000.
Mr. Coppini said that until considerably more land came on the market, prices would continue to rise.
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The former oil refinery site in Port Stanvac will be converted into a new development of homes and mixed use with a maximum of 3600 new houses.
“The Adelaide market continues to benefit from its relative affordability compared to other markets, and if a new offer can be brought to the market, the sales volumes will probably continue to increase to the second half of 2025,” he said.
“Even with a quarter of the strong price growth, the land prices of Adelaide remain more affordable than both Melbourne and South East Queensland, both in Headline Mediane Price and Dollars per square meter.
“It is a really telling sign of a hot market.”
Completed by Weks Homes heard Genome Manager Daniel Pargaliti said that the state government was hard at work to improve the infrastructure problems, but it would take time, so land would be scarce for a while.
“With the population increase that we have experienced in Covid … that is clearly quite heavy restriction on the availability of shares and also on the rental market,” he said.
“We have a lack of land to deliver for occupiers from the owner, but the rental market is also in criticism.”
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Artist impression for the proposed housing development on the Brompton Gasworks site, which would include more than 800 houses.
Mr. Pargaliti said until there was a significant increase in the amount of land that came on the market, the prices would continue to rise.
However, he said that some developers would run to offer more affordable houses to meet demand.
These would be in areas with an established infrastructure, including Mount Barker and new housing developments on the former Port Stanvac Oil Refinery site and the Brompton Gasworks.
“There will be smaller lots, so there will be affordable for buyers,” said Mr. Pargaliti.
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