Adelaide ended 2023 with luxury house prices at $1.6 million, 2.2 times more than in 2014 and a 9.2 per cent increase from 2022. For the first 6 years of the last decade, luxury house prices increased incrementally, but once the $1 million threshold was passed in 2020, luxury house prices surged in 2023. Median prices have followed a similar but more muted trend.
Luxury unit prices saw a similar burst in prices post-2020. Between 2014 and 2020, prices grew at an average annual rate of 1.3 per cent, but between 2021 and 2023, this rate jumped to an average of 11.9 per cent per year. Luxury unit prices peaked in 2023 at $994,000, just shy of the million-dollar mark.
The Reserve Bank of Australia has kept interest rates on hold today, maintaining its cautious approach. This decision reflects growing uncertainties in the global economy, particularly stemming from US trade policies and ongoing geopolitical tensions. The Australian economy continues to show unexpected resilience, with unemployment remaining relatively low and consumer … Read more
Federal Treasurer Jim Chalmers handed down his fourth federal budget. This year the budget is in a deficit, meaning it will spend more than it earns, with the government saying it was designed to help Australians with the cost of living. We have broken down some of the key takeaways … Read more