Adelaide has officially joined Sydney, Melbourne, Brisbane, and Canberra as the fifth Australian capital city with a median house price above $1 million, according to Domain’s March House Price Report. Adelaide’s median now sits at $1,000,202. While house prices continue to climb, growth has slowed to a third of last year’s pace. Supply is improving in cities like Brisbane, Perth and Adelaide, but not enough to ease pressure nationwide.

Domain’s Chief of Research, Dr Nicola Powell, said, “It’s a good thing supply is rising, but that doesn’t mean we still don’t have a housing crisis.” She added that with increased listings and interest rate cuts expected, now could be an opportune time to buy.

National rents remain high, averaging $650 per week. Sydney continues to top the list, with renters paying $9100 more annually than those in Melbourne. Canberra, meanwhile, saw the smallest rent increases in early 2025, offering some relief after a steep rise at the end of 2024.