Adelaide has quietly become one of the most expensive housing markets in the world. The 2026 edition of Demographia International Housing Affordability — published by Chapman University's Center for Demographics and Policy with the Frontier Centre for Public Policy — ranks Adelaide as the fourth least affordable major housing market on its global list, behind only Hong Kong, Sydney and San Jose.
What 'fourth least affordable' actually means
Demographia ranks 95 major housing markets across eight countries using a single measure: the median multiple — the median house price divided by the median household income. For Q3 2025, Adelaide's median multiple was 11.2. Anything above 9.0 is categorised by the report as 'impossibly unaffordable'.
Hong Kong tops the global ranking at 14.1. Sydney follows at 14.0 — the only major market in the report's history ever to have exceeded a multiple of 15. San Jose sits at 11.3, then Adelaide at 11.2 — narrowly ahead of Vancouver (10.8) and Los Angeles (10.7).
How Adelaide compares within Australia
Among Australia's major capitals, the 2026 order is Sydney (14.0), Adelaide (11.2), Brisbane (9.9) and Melbourne (9.5) — all four in the 'impossibly unaffordable' category. Adelaide is also the smallest Australian market in the rankings, which makes its position particularly striking: smaller markets typically clear under bigger ones.
The Marshall SA read
Numbers like these are unsettling for anyone trying to buy in Adelaide, and they understandably make sellers and landlords wonder about the durability of values. Our take is calmer: a high median multiple reflects real underlying demand and constrained supply — both of which are likely to persist. We'll explore the why later this week, and what it means in practice for owners, buyers and investors.
If you'd like a clear, no-pressure read on your own property's position in this market, our team is always happy to provide an appraisal grounded in current local evidence.
