PRICES
Regional South Australia is the most affordable state in Australia, with a geometric mean house price of $428,062. It has held this distinction for the past decade, maintaining its position as the most budget-friendly state for homebuyers. Over the first half of the last decade, house prices in regional South Australia remained relatively flat. However, starting in 2020/21, the region began to see a significant increase in prices, mirroring trends in other states. What sets regional South Australia apart is its remarkable price growth over the past three years. It has been one of the states with the highest yearly growth rates. Notably, it was one of only three states where prices increased in 2022/23, followed by double-digit growth rates in 2023/24.
SALES
The sales trend in regional South Australia parallels those observed in regional Western Australia and regional Queensland. For the first half of the decade, transactions remained flat. However, there was a notable spike in 2021/22, followed by a subsequent decline. Regional South Australia ended the last two fiscal years with 6,889 transactions, which is 20.1 per cent down from its peak of 8,625 but still 22.1 per cent higher than a decade ago. Regional South Australia has the second lowest number of transactions among the six states.
The five most populous SA3s in regional South Australia are Murray and Mallee, Limestone Coast, Eyre Peninsula and South West, Fleurieu - Kangaroo Island, and Barossa.
Murray and Mallee is the largest SA3 in regional South Australia with a population of 73,832. Located in eastern South Australia and bordering Victoria and New South Wales, the large region is also the second most affordable area on the list, with a geometric mean house price of $380,448. It recorded 1,132 sales transactions in 2023/24, marking a 20 per cent increase from ten years ago.
Limestone Coast, the second largest with a population of 69,137, is the southernmost region of South Australia. With a growing tourism industry and significant agriculture, Limestone Coast house prices have grown 88.7 per cent over the last decade to peak with house prices at $408,295. It recorded 1,065 transactions in the last fiscal year, a 13.4 per cent increase from ten years ago.
Eyre Peninsula and South West, with a population of 59,207, is a large peninsula west of Adelaide. It is the most affordable of the five SA3s, with a geometric mean house price of $363,832. It also has the lowest 10-year price growth at just 39.1 per cent, making it the only area on the list that saw price growth lower than the regional average. In terms of sales transactions, it recorded 856 in 2023/24, which represents a 39.2 per cent increase from a decade ago—the largest increase among the five areas.
Fleurieu - Kangaroo Island, the third largest area with a population of 58,417, encompasses the Fleurieu Peninsula south of Adelaide and Kangaroo Island off the coast. It’s a major tourism destination known for beaches and wildlife, with a significant wine industry in the McLaren Vale region. As such, it’s the most expensive SA3, with a geometric mean house price of $658,665. It also has the largest 10-year growth in house prices at 94.7 per cent. Furthermore, it recorded the highest number of sales transactions in the region, with 1,255 transactions in 2023/24—a 10 per cent increase from twelve months ago. Fleurieu - Kangaroo Island alone accounts for 18 per cent of all transactions in regional South Australia, and is the only area that saw positive growth in transactions over the last 12 months.
Barossa is the smallest of the five, with a population of 39,850. Located in a valley region northeast of Adelaide, it’s a world-renowned wine region and major tourism destination centred on food and wine. It’s the second most expensive on the list, with a geometric mean house price of $557,667, but it recorded the smallest number of transactions, with just 539.
Together, these five areas represent 70 per cent of all transactions in regional South Australia, highlighting their significant contribution to the region’s real estate market.