Adelaide has officially become the fifth Australian capital city with a median house price above $1 million, according to Domain’s March House Price Report.

The city’s median now sits at $1,000,202, joining Sydney, Melbourne, Brisbane, and Canberra in the million-dollar bracket—a milestone that reflects evolving lending dynamics across key markets.

Although house prices are still rising, growth has moderated to a third of the pace seen in the previous year.

Supply is beginning to improve in markets such as Brisbane, Perth, and Adelaide, yet not at levels sufficient to ease pressure nationwide—underscoring the ongoing imbalance between demand and housing availability.

Domain’s Chief of Research, Dr Nicola Powell, stated, “It’s a good thing supply is rising, but that doesn’t mean we still don’t have a housing crisis.”

With increased listings and further interest rate cuts expected, the current environment may offer strategic opportunities for both homebuyers and lenders.

Rising rents continue to support investment fundamentals, with the national average at $650 per week.

Sydney remains the most expensive city for tenants, with renters paying approximately $9,100 more per year than those in Melbourne—reinforcing strong rental yield potential in high-demand areas.

In contrast, Canberra recorded the smallest rental increases in early 2025, offering a more stable landscape following significant growth at the end of 2024.