Adelaide Property Market Report: November 2026

Adelaide home values fell for a fifth straight month in October. The Reserve Bank meets today with the market expecting a fifth rate rise for 2026. Rentals remain the tightest of any capital. This is our Adelaide property market report for November 2026, written from an agency that lists, manages and appraises homes across Munno Para, Andrews Farm, Smithfield, Elizabeth and Craigmore every week.

What happened to Adelaide home values in October?

The Cotality Home Value Index, released on 2 November, shows Adelaide dwelling values fell 1.2% in October. Over the three months to 31 October they fell 3.9%.

The Adelaide median dwelling value is now $916,860. Last month it was $928,560, so the typical Adelaide dwelling lost about $11,700 in October.

Values are now 4.4% below the May 2026 peak. On our calculation from those two figures, the peak median was about $959,000. That means roughly $42,200 has come off the typical Adelaide dwelling in five months.

The annual figure has slowed sharply. Adelaide values are still up 3.7% over twelve months, down from 6.5% a month ago. Adding rental income, the annual total return is 7.5%. Over ten years Adelaide dwelling values are up 100.8%, according to Cotality.

The split by property type:

• Houses fell 1.2% in October. The median house value is $977,551, up 3.7% over the year.
• Units fell 1.6% in October. The median unit value is $661,647, up 3.4% over the year.

Units fell faster than houses this month.

Cotality's research director Tim Lawless said affordability and serviceability were the first factors to weigh on demand, with rate rises and low confidence adding to them. He also said buyers now have more stock to choose from, more leverage and less urgency.

That is what we see at opens in the north. Buyers still turn up. They take a second look, they get a building report, and they negotiate. Homes priced on autumn results are sitting. Homes priced on the last 60 to 90 days of sales are still selling.

How does Adelaide compare with other capitals?

Every capital except Hobart and Darwin fell in October. Adelaide's monthly fall matched the national result.

• Sydney: down 1.6% in the month, down 9.4% over the year, median $1,178,959
• Melbourne: down 0.8%, down 7.6% over the year, median $773,027
• Brisbane: down 2.0%, up 0.4% over the year, median $1,018,401
• Adelaide: down 1.2%, up 3.7% over the year, median $916,860
• Perth: down 1.7%, up 3.9% over the year, median $942,018
• Hobart: up 0.5%, up 5.5% over the year, median $743,854
• Darwin: up 0.6%, up 9.7% over the year, median $641,873
• Canberra: down 0.7%, down 3.7% over the year, median $844,400

Nationally, Cotality recorded a 1.2% fall in October and a 3.9% fall over the quarter. The national median dwelling value is $884,855, down 2.8% over the year. Across the combined capitals values fell 1.4% in the month.

Adelaide is still one of only four capitals with annual growth above 3%. The gap is closing quickly, though. Brisbane has gone from strong growth to almost flat over the year, and Adelaide is moving in the same direction.

What did the RBA do and what does it cost?

At its last decision on 29 September, the Reserve Bank lifted the cash rate by 0.25 percentage points to 4.60%. The decision was unanimous. It was the fourth rise of 2026, and Cotality notes the cash rate is now 1.00 percentage point higher than at the start of the year.

The September statement said inflation remains elevated and that some upside risks flagged in August were materialising. The Board said it would keep doing what it considers necessary to bring inflation back to target, including further increases if needed.

The Board meets again today, 3 November. The decision is announced at 2pm Adelaide time. This report was written before the announcement. ABC News reported this morning that a rise to 4.85%, an 18 year high, is widely expected, and that markets had about an 80% chance of a 0.25 point rise priced in. The meeting after this one is on 7 and 8 December.

Here is what the moves mean on a $600,000 loan over 30 years, principal and interest. Lenders set their own rates, so we have used example variable rates. Assume a borrower now pays 6.50%, up from 5.50% at the start of the year.

• At 5.50%: $3,406.73 a month, $786.17 a week, $40,880.81 a year
• At 6.50%: $3,792.41 a month, $875.17 a week, $45,508.90 a year
• At 6.75%: $3,891.59 a month, $898.06 a week, $46,699.06 a year

The four rises so far this year, if passed on in full, add $385.67 a month to that loan. That is $89.00 a week, or $4,628.09 a year.

A further 0.25 point rise passed on in full adds $99.18 a month, $22.89 a week, or $1,190.17 a year.

Set that against rents. SQM Research shows Adelaide combined asking rents up 4.1% over the year to $647.84 a week. That is a rise of about $25.52 a week. So an investor who lifted the rent in line with the market has roughly covered one 0.25 point rise. The full 1.00 point of rises this year costs that same borrower $89.00 a week, well ahead of any rent increase.

How tight is the rental market?

Still the tightest in the country.

SQM Research recorded an Adelaide vacancy rate of 0.6% for September, unchanged from August. That is 948 vacant rental dwellings across Adelaide, 21% fewer than a year earlier. The national vacancy rate rose to 1.4%. SQM's October vacancy figures had not been released at the time of writing.

SQM's weekly asking rents for Adelaide, to the week ending 28 October:

• Houses: $700.00 a week, up 3.0% over the year
• Units: $544.66 a week, up 6.5% over the year
• All dwellings: $647.84 a week, up 4.1% over the year

Rent growth has slowed. The combined figure moved just 0.1% over the past month. Unit asking rents slipped $2.65 a week in the latest week.

What this means for yields, using the SQM asking rents against Cotality's median values:

• House: $700 a week is $36,400 a year. Divided by $977,551, that is a gross yield of 3.72%.
• Unit: $544.66 a week is $28,322 a year. Divided by $661,647, that is a gross yield of 4.28%.

Cotality's own gross yield figures for Adelaide are 3.5% for houses, 4.6% for units and 3.7% across all dwellings. Cotality says yields across the capitals are at their highest level in more than eleven years, yet still well short of neutral cash flow for most borrowers.

In our own rent roll, well kept three bedroom homes in the north still lease quickly. Applications are slower on homes priced above recent evidence.

How are the northern suburbs performing?

The outer north has held up better than the city average.

Cotality's November report lists Adelaide regions with the strongest dwelling value growth over twelve months. The Playford region, which takes in Munno Para, Andrews Farm, Smithfield, Elizabeth, Davoren Park and Craigmore, is on that list for the first time in our reports:

• Gawler Two Wells: median $813,500, up 7.3%
• Onkaparinga: median $893,259, up 6.7%
• Tea Tree Gully: median $924,285, up 5.4%
• Playford: median $700,015, up 4.9%

Playford's 4.9% is ahead of the 3.7% for Adelaide as a whole. At $700,015 its median also sits $216,845 below the Adelaide median, and $199,985 below the $900,000 cap on the federal 5% Deposit Scheme.

The reason is price point. Buyers who have lost borrowing power this year are moving to cheaper areas rather than leaving the market. Our lower price bands still draw first home buyers, and a well presented home in Munno Para or Andrews Farm can still draw more than one offer.

The Valuer General has not yet published suburb medians for the September quarter, and REISA's September quarter report was not out at the time of writing. We have not quoted suburb level sale prices for that reason.

At the other end of the market, InDaily reported on 29 October that a 1927 home at 70 Pennington Terrace, North Adelaide is expected to set a new state residential record above $15.5 million. Even in a falling market, the very top end is still trading.

What changed for landlords and buyers?

Rate rise watch. The main change for borrowers this month is today's RBA decision. Check your lender's notice after 2pm and recalculate your budget or rental cash flow on the new rate.

First home buyer settings. RevenueSA still lists a First Home Owner Grant of up to $15,000 for new homes only. No property value cap applies to contracts signed on or after 6 June 2024. Eligible first home buyers pay no stamp duty on new homes or vacant land under those contracts. Established homes are not covered by the grant and attract standard duty.

5% Deposit Scheme cap. The federal scheme lets eligible first home buyers purchase with a 5% deposit and no lenders mortgage insurance. The price cap for Adelaide is $900,000, and $500,000 for the rest of the state. Adelaide's median of $916,860 is now $16,860 above the cap. A 5% deposit on the Playford median of $700,015 is about $35,000.

Tenancy rules. We found no new SA rental law change in October. The rules that started in January 2026 still apply, including the mandatory Form A1 rental application and the tighter one rent increase per year rule. Bonds remain capped at four weeks rent where the weekly rent is $800 or less.

Stamp duty on land. Last month we covered the wider definition of residential land for stamp duty that began on 15 September. We found no further RevenueSA guidance this month. If you are buying land, confirm the duty position with your conveyancer before you sign.

What does this mean if you are selling?

Buyers have more choice and less borrowing power than at any point this year. Price to today's evidence, not to the May peak.

The gap between a good result and a slow campaign is now presentation and price. Buyers are comparing more homes per weekend and are quick to notice a home that needs work.

Selling checklist:

• Get a written appraisal based on sales from the last 60 to 90 days
• Fix small items a building inspector will flag, such as leaks, cracked tiles and loose fittings
• Order a pest and building report before listing so there are no surprises in negotiation
• Agree on a price review point with your agent, for example after three weekends of opens
• If the home is tenanted, check the notice rules for sale and vacant possession before you list
• Expect more negotiation and plan your next purchase around a realistic sale figure

What does this mean if you are buying?

This is the most room buyers have had in Adelaide for some time. More homes are for sale and fewer buyers are competing at each open. That does not mean every price will fall further. It means you can take your time and do your checks.

Buying checklist:

• Get finance approval in principle and ask your lender to test it at a rate 0.25 points higher
• Recheck your borrowing limit after today's RBA decision
• Compare recent sold prices, not asking prices, for the suburb and street
• Use the cooling off period to complete your building and pest checks
• If you are a first home buyer, check whether a new build qualifies for the $15,000 grant and stamp duty relief
• Check your target price against the $900,000 cap if you plan to use the 5% Deposit Scheme

What does this mean if you are investing?

The numbers are tighter than a year ago. Here is a worked example on a northern suburbs house. The inputs are for illustration only and are not a quote on any property.

Assume a $600,000 house rented at $550 a week, bought with an 80% loan of $480,000 at 6.50% over 30 years, principal and interest.

• Rent: $550 a week is $28,600 a year, a gross yield of 4.77%
• Property management at 7% of rent: $2,002 a year
• Council rates, water, insurance and maintenance, assumed at $4,500 a year
• Income after those costs: $22,098 a year
• Loan repayments: $3,033.93 a month, or $36,407.12 a year

On those numbers the owner tops up about $14,309 a year, or about $275 a week, before tax and depreciation. Part of each repayment pays down the loan, so the true cost is lower than the cash gap. Interest in the first year on $480,000 at 6.50% is about $31,200.

Investor checklist:

• Rerun your cash flow at today's rate plus 0.25 points
• Check that your rent is in line with current evidence for the suburb, not last year's figure
• Remember the one increase per year rule when you plan a rent review
• Review your landlord insurance and building cover before summer
• Speak with your accountant about how recent federal tax changes for investors apply to you

This is general information, not financial or tax advice. Speak with a licensed financial adviser or your accountant before you decide.

What does this mean if you are renting out a property?

Demand is still strong, but tenants have a little more choice at the top of each price band. Vacancy days now depend on price and condition more than they did a year ago.

Landlord checklist:

• Price the rent on current local evidence, not on the highest figure in the street
• Fix heating and cooling issues before summer, as tenants check these at inspections
• Check smoke alarms, locks and window security before each new tenancy
• Lodge the bond correctly and keep receipts for all payments
• Keep at least two months rent aside for repairs and vacancy
• Ask for a rent review once a year, in line with the rules

What should you watch next month?

• The outcome of today's RBA decision and the statement that comes with it
• Cotality's November index, due in early December
• SQM Research vacancy figures for October and November
• The Valuer General and REISA September quarter suburb medians
• The RBA's final meeting of 2026 on 7 and 8 December

Book a free appraisal or rent review

Want to know where your home or rental sits in this market? We offer a free sale appraisal or rent review, priced on recent northern suburbs evidence and backed by the homes we list and manage every week.

Call 0478 578 240 or email info@royalrealtygroup.com.au. Our office is at 307 Peachey Rd, Munno Para SA 5115.

This report is general information only, not financial, tax or legal advice. Sources: Cotality Home Value Index (released 2 November 2026), Reserve Bank of Australia, ABC News, SQM Research, RevenueSA, Australian Government 5% Deposit Scheme via Aussie, Consumer and Business Services SA, REISA and InDaily.