Adelaide Property Market Report: October 2026

Adelaide home values fell again in September. The Reserve Bank lifted the cash rate for the fourth time this year. Rentals stayed the tightest of any capital. This is our Adelaide property market report for October 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 September?

The Cotality Home Value Index, released on 1 October, shows Adelaide dwelling values fell 1.3% in September. Over the three months to 30 September they fell 2.7%.

The Adelaide median dwelling value is now $928,560. Values are 2.9% below the May 2026 peak. On our calculation from those two figures, the peak median was about $956,000, so roughly $27,700 has come off the typical Adelaide dwelling in four months.

The longer view still looks strong. Adelaide values are up 6.5% over twelve months. Adding rental income, the annual total return is 10.2%. Over ten years Adelaide dwelling values are up 104.3%, according to Cotality.

The split by property type:

• Houses fell 1.4% in September and 2.7% over the quarter. The median house value is $990,531, up 6.5% over the year.
• Units fell 1.1% in September and 2.9% over the quarter. The median unit value is $674,188, up 6.2% over the year.

The Valuer General's latest quarterly figures, for the June 2026 quarter, put the metropolitan Adelaide median house sale price at $975,000. That data predates the September fall, and no newer quarter has been released yet.

On the ground, buyers still attend opens in the north but take longer to commit. Homes priced off autumn results are sitting. Homes priced on current evidence still sell.

How does Adelaide compare with other capitals?

Every capital except Darwin fell in September. Adelaide's monthly fall sat in the middle of the pack.

• Sydney: down 1.4% in the month, down 7.0% over the year, median $1,198,596
• Melbourne: down 0.7%, down 6.2% over the year, median $780,550
• Brisbane: down 1.5%, up 5.9% over the year, median $1,048,880
• Adelaide: down 1.3%, up 6.5% over the year, median $928,560
• Perth: down 1.2%, up 10.1% over the year, median $975,022
• Hobart: down 0.5%, up 7.0% over the year, median $741,496
• Darwin: up 0.4%, up 11.9% over the year, median $633,431
• Canberra: down 1.1%, down 1.6% over the year, median $861,744

Nationally, Cotality recorded a 1.1% fall in September and a 3.7% fall over the quarter. The national median dwelling value is $899,236, with no change over twelve months. Regional South Australia was close to flat in September, down 0.1%, and is up 10.7% over the year.

Cotality also reports that capital city homes now take a median of 39 days to sell, compared with 23 days a year ago. That covers all capitals combined, not Adelaide alone.

What did the RBA do and what does it cost?

On 29 September the Reserve Bank's Monetary Policy Board raised the cash rate by 0.25 percentage points to 4.60%. The decision was unanimous. It is the fourth rise of 2026, taking the total for the year to one full percentage point. API Magazine describes the new level as a 15 year high.

The Board said inflation remains elevated and some upside risks flagged in August are materialising, including higher fuel prices. It said labour market conditions have eased broadly as expected. It also said it will do what it considers necessary to bring inflation back to target, and that this could include raising the cash rate further if needed.

The next decision is due on 3 November, at the end of the 2 to 3 November meeting. The final meeting of the year is 7 to 8 December. Nothing in the September statement points to a cut, so we have not written this report on the assumption of one.

Here is what the rises mean on a stated loan. Example: $600,000 borrowed over 30 years, principal and interest. We assumed a variable rate of 6.50% before the September rise and 6.75% after it, with the full 0.25 points passed on. These rates are illustrative only. Your own rate will differ.

The September rise on its own:

• Monthly repayment moves from $3,792 to $3,892
• About $99 more per month
• About $23 more per week
• About $1,190 more per year

All four rises in 2026, from an assumed 5.75% at the start of the year to 6.75% now:

• Monthly repayment moves from $3,501 to $3,892
• About $390 more per month
• About $90 more per week
• About $4,682 more per year

Set that against rents. SQM Research puts Adelaide combined asking rents at $644.04 per week, up 3.4% over twelve months. That is about $21 a week more than a year ago. On our example loan, repayments rose by about $90 a week over 2026 alone. For most borrowers, holding costs have grown faster than rental income this year.

How tight is the rental market?

Still very tight. SQM Research recorded an Adelaide vacancy rate of 0.6% in August, unchanged from July. Only 1,019 rental dwellings were listed as vacant across the city, 19% fewer than a year earlier. The national rate was 1.3%, with 41,039 vacancies.

Cotality, which measures vacancy differently, also names Adelaide the tightest capital city rental market, with a vacancy rate of 1.4% in September. Nationally, Cotality puts vacancy at 2.0%.

Rent growth is slowing, though. SQM recorded a 0.4% rise in Adelaide combined asking rents over the 30 days to 4 September. SQM's Louis Christopher said rents in Brisbane, Perth and Adelaide still have room to firm, because the smaller capitals have not yet built enough stock to give tenants relief.

Gross rental yields in Adelaide, per Cotality, are 3.6% for all dwellings, 3.5% for houses and 4.5% for units. Our own check: SQM's $644.04 weekly asking rent over a year is $33,490. Divided by the $928,560 median value, that gives a gross yield of about 3.6%, which lines up with Cotality's figure.

In our rent roll, well priced homes still lease quickly. Tenants are more price aware, and a home listed above comparable rentals now sits longer.

SQM's September vacancy figures had not been released at the time of writing.

How are the northern suburbs performing?

The north has held up better than the city average over the past year. Cotality lists the ten Adelaide regions with the strongest dwelling value growth over the twelve months to September. Two sit in the outer north, with a third in the north east:

• Gawler Two Wells: median $816,481, up 9.6%
• Salisbury North: median $797,770, up 8.2%
• Tea Tree Gully North: median $937,350, up 9.0%

All three are ahead of the 6.5% gain for Adelaide as a whole. The Playford region, which takes in Munno Para, Andrews Farm, Smithfield, Elizabeth and Craigmore, is not listed separately in the Cotality report, so we have not quoted a figure for it.

API Magazine reported on 2 October that the Adelaide downturn is hitting the top end hardest. Buyer agents quoted in that piece expect the steepest falls in the $2 million to $3 million bracket in the eastern and north eastern suburbs. The same article says lower priced homes, under or just above $1 million, are still drawing buyers, and names Salisbury, Para Hills, Pooraka and Brahma Lodge as areas still attracting multiple buyers. It also reports that investor enquiry has dropped since the federal tax changes announced in May.

That matches our experience in the north. Fewer investors are calling, and well presented homes in our lower price bands are still drawing competition at the first open.

One local item. On 30 September The Urban Developer reported that AVID Property Group is leaving the Eyre estate at Penfield, a 120 hectare project about 40km north of the CBD. About 750 of a planned 1,900 homes are complete. Renewal SA will take over the project and plans to seek a private sector partner in the coming months. AVID says it will finish outstanding work, including a park and existing settlements, by mid 2027. Renewal SA says existing buyers will not be affected.

The pace of the remaining homes will shape new supply near Andrews Farm and Munno Para, which affects competition for resale homes and rentals nearby.

What changed for landlords and buyers?

SA stamp duty definition of residential land. The Stamp Duties (Residential Purposes and Residential Land) Amendment Act 2026 came into operation on 15 September 2026, according to law firm HSF Kramer. It widens what counts as residential land. Vacant land in a zone that allows housing is now treated as residential. Duty paid on vacant land can be refunded if the land is developed for a qualifying purpose within three years, extendable to five. The wider definition also applies to the 7% foreign purchaser surcharge. RevenueSA says it is still updating its guidance. If you are buying land, check the position with your conveyancer before you sign.

First home buyer settings. RevenueSA still lists a First Home Owner Grant of up to $15,000 for new homes, with no value cap for 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 government's first home buyer site lists a property price cap of $900,000 for Adelaide and South Australian regional centres, and $500,000 for the rest of the state. With Adelaide's median dwelling value at $928,560, the median sits just above the cap. Much of the outer north sits well below it.

Federal tax changes for investors. The ATO confirms the negative gearing and capital gains tax changes announced in the 12 May Budget are now law. From 1 July 2027, negative gearing for residential property is limited to new builds. Properties held at the time of the announcement are exempt from the negative gearing change. The 50% capital gains discount is replaced with cost base indexation and a 30% minimum tax rate, applying only to gains that accrue after 1 July 2027.

Tenancy rules. The Consumer and Business Services reforms page lists no new change in the last month. The January 2026 rules still apply, including the mandatory Form A1 rental application. We found no new SA rental law change since our last report.

What does this mean if you are selling?

The market has moved since May. Price to today's evidence, not to the peak. Buyers have more choice and less borrowing power than six months ago, and a rate rise every few months has made them careful.

The homes that sell well right now are clean, well presented and priced on the last 90 days of comparable sales.

Selling checklist:

• Get a written appraisal based on sales from the last three months, not the last twelve
• Fix the small things a building inspector will flag, such as leaks, cracked tiles and loose fittings
• Get a pest and building report before listing, so there are no surprises during negotiation
• Agree on a price review point, for example after three weekends of opens
• If the home is tenanted, check the notice rules for sale and vacant possession before you list

What does this mean if you are buying?

You have more time and more room to negotiate than earlier in the year. API Magazine quotes one buyer agent describing Adelaide as becoming a buyers market for the first time in five years.

The trade off is borrowing power. If your pre approval was issued before September, it may now be worth less.

Worked example using the 5% Deposit Scheme cap. A $900,000 purchase with a 5% deposit is $45,000 down and $855,000 borrowed. Over 30 years, principal and interest, at an assumed 6.75%, repayments are about $5,546 a month, $1,280 a week or $66,546 a year. That is before stamp duty, insurance, rates and other costs. Run your own figures with your lender.

Buying checklist:

• Have your pre approval reassessed at current rates before you make an offer
• Check whether the home is new or established, as that decides FHOG and stamp duty relief
• Check the postcode against the 5% Deposit Scheme cap with a participating lender
• Get a building and pest inspection before the cooling off period ends
• Leave a buffer in your budget for at least one more rate rise

What does this mean if you are investing?

Holding costs rose faster than rents this year. The 2027 tax changes also favour new builds for any property bought after 12 May.

Worked example, using illustrative figures only. A $650,000 northern suburbs house renting at $550 a week brings in $28,600 a year, a gross yield of 4.4%. With an 80% loan of $520,000 at an assumed 6.75%, interest alone is $35,100 a year, or $675 a week. That leaves a gap of about $6,500 a year, or $125 a week, before council rates, water, insurance, management fees and maintenance.

The rent would need to reach $675 a week just to cover the interest on that loan. With Adelaide vacancy so low, rents may keep rising, but slower rent growth this spring means the gap will not close quickly.

Investing checklist:

• Model repayments at today's rate plus at least one further rise
• Calculate net yield after all holding costs, not gross yield
• Check whether a property is new or established under the 2027 negative gearing rules
• Ask your accountant how the capital gains changes affect property you already own
• Speak with a licensed financial adviser before committing

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

Vacancy is very low, so a well priced home will lease. The risk now is overpricing. Tenants compare listings closely, and a home priced above the market can lose a week or two of rent for a small weekly gain.

Rental checklist:

• Set rent on current comparable listings within about 2km
• Check the current rent increase rules with Consumer and Business Services before issuing a notice
• Use the Form A1 standard rental application for every new applicant
• Keep the property up to minimum housing standards and attend to repairs promptly
• Review your landlord insurance for loss of rent and tenant damage cover

What should you watch next month?

• The RBA decision on 3 November, after the 2 to 3 November meeting
• The Cotality Home Value Index for October, due at the start of November, to see if the fall in Adelaide values continues
• SQM Research vacancy figures for September and October
• Further RevenueSA guidance on the 15 September stamp duty change
• Any Renewal SA update on a new partner for the Eyre estate

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 1 October 2026), Reserve Bank of Australia, SQM Research, Office of the Valuer General SA, API Magazine, The Urban Developer, RevenueSA, HSF Kramer, Australian Taxation Office, firsthomebuyers.gov.au and Consumer and Business Services SA.