First published 23 Oct 2026, 7:54pm
Property values continue to fall across the state, the latest Valuer-General’s quarterly figures show, with one suburb’s median dropping by a whopping $570,000 over the past year.
According to the report for this year’s third quarter, Adelaide’s median house value dropped 2.56 per cent, or $25,000, over the past quarter from $975,000 to $950,000.
The state median house value dropped as well – down 2.1 per cent or $18,622 – from $888,000 to $869,378.
The number of sales over the past quarter has also declined, with the state recording 5488 sales last quarter, 1229 fewer than the previous quarter’s 6717, and 817 fewer than the 6305 recorded in the same quarter in 2025.
It comes as Treasurer Jim Chalmers faces criticism over 15-year cash rate highs, runaway inflation and crashing housing approvals, with the government’s budgetary investment changes to self-managed super funds and negative gearing effectively acting as a handbrake to property markets around the country.
Real Estate Institute of South Australia chief executive officer Andrea Heading said the data points to a market that is moderating, not retreating.
“While quarterly medians have eased from the June peak, annual growth remains solid across metropolitan, outer-suburban and regional markets,” she said.
Metro units, on the other hand, grew in value over the past quarter – up 0.71 per cent or $5000 from $705,000 to $710,000.
Ms Heading said the strength in units was significant.
“As detached housing affordability becomes more challenging, well-located apartments and units are playing a larger role in helping buyers access established metropolitan areas,” Ms Heading said.
Of the suburbs to have recorded at least 10 sales for both this past quarter and the same quarter last year – the number of transactions needed to form a statistically reliable median – Port Noarlunga South recorded the highest growth, with home values up 52.59 per cent or $355,000 over the past year.
This takes its median house value from $675,000 last year, to $1.03m today from 22 sales last quarter, and 28 sales in the third quarter of 2025.
Harris Real Estate Wine Coast’s Carly Frost.
Harris Real Estate Wine Coast agent Carly Frost said Port Noarlunga South had historically been a favourite along Adelaide’s southern coastline.
“It’s got a beautiful beach, great surf, a fantastic community and it’s popular with both young families and older retirees, as well as those who want a holiday house,” she said.
“Plus there have been a couple of new cafes in the area that have popped up recently and brought some vibrancy to the suburb.
“There’s been a lot of activity in there this year and the prices have been really strong.
“I would absolutely expect that growth to continue – anywhere that offers lifestyle seems to hold value.”
Chrissy Stewart inside her Esplanade property at Port Noarlunga South. Picture: Brenton Edwards
Professional singer and hairdresser Chrissy Stewart and her husband have recently purchased in Port Noarlunga South, returning to the suburb Ms Stewart lived in from age 15 to 24.
“It’s up and coming, and it’s beautiful and a return to home for me – it’s grown up so much,” she said.
“A lot of the homes on the beachfront are now beautiful and modern and the view of the beach hasn’t changed it’s still beautiful.
“We paid top dollar to get on the waterfront but you really can’t lose at the end of the day, not here anyway, we’ve watched it grow and grow for a long time now.”
Blair Athol also experienced solid growth over the past quarter, with values up 45.51 per cent or $410,500 to a $1.3125m median, and Wynn Vale’s median house value has climbed 35.14 per cent or $294,250 to $1.1315m.
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Adelaide City Council was Adelaide’s worst performing council for the quarter, with house values down 18.88 per cent or $425,000 from $2.225m to $1.83m, and now sitting just $10,000 behind where they were a year ago.
Homebuyers looking to buy in Gulfview Heights stand to pocket the biggest saving, with the median home value there now $365,000 or 27.76 per cent lower than this time last year.
Somerton Park’s median house value is 24.05 per cent or $570,000 than this time last year, and South Brighton houses are $325,000 or 21.31 per cent down.
Stirling’s picturesque main street. Values in Stirling have dropped over the past year. Pic: Tricia Watkinson
House values in Stirling, in the Adelaide Hills, are 10.32 per cent or $168,000 less than this time last year.
Adelaide’s major town median house value also took a hit, with values dropping 0.73 per cent or $4000, over the past three months from $550,000 to $546,000.
Murray Bridge values took the biggest hit for the quarter, down 4.32 per cent or $27,750 for the quarter, while Berri houses saw the biggest growth over the past 12 months of 34.72 per cent or $125,000.
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