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Why Adelaide’s $2m suburbs are bucking the property downturn
Adelaide's $2m suburbs are holding their numbers while many other suburbs report median value losses since rates began rising.
Key points
- The number of Adelaide suburbs with a $2m median has held fairly consistent over the past nine months.
- Stephanie Williams says rarity relative to demand is keeping prestige prices up, citing a Unley Park sale in three days.
- Andrea Heading says the top end of the Adelaide market is holding up better than the lower end through the downturn.
Why it matters. The steady count of $2m suburbs suggests the top end of Adelaide's property market may be less exposed to rate rises than lower-priced areas.
Realestate.com.au data shows Adelaide suburbs with a $2m median have held steady over nine months despite rate rises since February. The count was 16 then, rising to 18 in March and 20 in May before reaching 22 in June. Williams Real Estate principal Stephanie Williams says rarity keeps prices up in Unley Park, while REISA's Andrea Heading says the top end is holding up better.
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Why Adelaide’s $2m suburbs are bucking the property downturn
While interest rates have hammered suburbs across South Australia, Adelaide’s most exclusive $2m markets have barely flinched – and experts say prices could climb further. The post Why Adelaide’s $2m suburbs are bucking the property downturn appeared first on realestate.com.au . Add as a preferred source on Google Adelaide’s prestige market has proven to be withstanding the toll of recent interest rate rises, with the number of prestige suburbs remaining largely unchanged since rates started rising, despite other suburbs reporting median value losses across the state. Analysis of realestate.com.au data shows while many suburbs and towns across the state have reported median value losses since the Reserve Bank of Australia started raising interest rates in February, the number of suburbs with a $2m median has held fairly consistent over the past nine months. Back in February, when interest rates lifted for the first time in four months, there were 16 suburbs with a $2m median. Prices are holding strong in Adelaide’s blue-chip suburbs. Picture: Brenton Edwards In March and May when they rose both times there were 18 and 20 (with 19 in April when the RBA didn’t meet), and in the next two three months when rates held – June, July and August – there were 22, 21 and 20. Rates rose again over the past two months, while the number of $2m suburbs sat at 22 and 20. Williams Real Estate p.