Adelaide's housing market has reached a new milestone, with the median home price hitting a record $850,000 in May 2026, according to data from the Real Estate Institute of South Australia (REISA). This represents a 12% increase from the same period last year, driven by low inventory and sustained buyer interest.
The surge is attributed to a combination of factors, including population growth, limited new housing supply, and low unemployment rates. Suburbs like Unley and Prospect saw the highest price gains, with some properties selling above asking price within days of listing.
REISA President Jane Smith noted that while the record is positive for homeowners, it poses challenges for first-time buyers. 'The market remains competitive, and we urge buyers to seek pre-approval and act quickly,' she said in a statement.
Experts predict continued growth in the coming months, though at a slower pace, as interest rates remain steady and construction activity picks up. The state government has announced plans to release more land for development to ease supply constraints.
