Why Adelaide’s $2m suburbs are bucking the property downturn

Adelaide’s prestige market has proven to be withstanding the toll of recent interest rate rises, with the number of prestige suburbs remaining largely unchanged since rates started rising, despite other suburbs reporting median value losses across the state. Analysis of realestate.com.au data shows while many suburbs and towns across the state have reported median value losses since the Reserve Bank of Australia started raising interest rates in February, the number of suburbs with a $2m median has held fairly consistent over the past nine months. Back in February, when interest rates lifted for the first time in four months, there were 16 suburbs with a $2m median. Prices are holding strong in Adelaide’s blue-chip suburbs. Picture: Brenton Edwards In March and May when they rose both times there were 18 and 20 (with 19 in April when the RBA didn’t meet), and in the next two three months when rates held – June, July and August – there were 22, 21 and 20. Rates rose again over the past two months, while the number of $2m suburbs sat at 22 and 20. Williams Real Estate principal Stephanie Williams said prestige Adelaide property’s rarity relative to the demand for it was not only keep...