Adelaide's real estate market has once again updated the record for median property value, which is good news for current homeowners but represents a further challenge for those eager to enter the market.

According to the latest valuers' data, the median value of homes in Adelaide has climbed by 2.01% over the past three months, an increase of AUD 15,000, reaching a new high of AUD 760,000. Over the past 12 months, the increase has been even more significant at 12.59%, equating to AUD 85,000. The statewide median property value has also reached a record AUD 675,000.

While the rise in median value shows that buyers are willing to pay a premium, the decline in sales volume reflects the impact of economic uncertainty on first-time homebuyers. Andrea Heading, CEO of the Real Estate Institute of South Australia, noted that despite the growth in median values, the decline in sales volume indicates that inflation control policies are having some effect but also impacting consumer confidence.

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Although sales volume has risen compared to the same period last year, consumers remain cautious about the future economic situation. This suggests that while buyers are willing to pay high prices, there is still a degree of uncertainty in the market, which could dampen the enthusiasm of first-time homebuyers.

Beyond Adelaide's market performance, the metropolitan apartment market has also shown an upward trend. Over the past 12 months, the median value of metropolitan apartments increased by 17.65% to AUD 80,250, and although there was a slight decline over the last quarter, the growth momentum remains strong. The median price for CBD units and apartments also rose by AUD 5,000 in the past three months, reaching AUD 460,000.

In the real estate market, the performance of the suburbs is also varied. Somerton Park saw the largest price increase, with the median rising by 63.86% to AUD 2.04 million. Meanwhile, property prices in Sellicks Beach saw a decline, potentially offering opportunities for buyers. Prices in areas like Lockleys also dropped, giving hope to those seeking more prestigious coastal suburbs.

Despite low housing supply and ongoing economic uncertainties impacting the market, the real estate market in South Australia overall continues to perform well. Anton Vizzari, a real estate agent at Harris Real Estate, said that the price rise in Somerton Park is not surprising and further developments are expected. This indicates that the market still has potential, especially for areas close to the coastline and with good infrastructure.