South Australia ranks fifth nationally by enrolled dwellings, with the most diversified design category mix of any state — a broad participant base that comes with meaningful exposure to Value for Money policy risk.
Key figures
| Enrolled dwellings | 1,802 |
| Participants in SDA | 1,614 |
| SDA funding committed | $60.0M |
| Active providers | 80 |
Enrolled dwellings by SA4 region
| Region | Enrolled dwellings |
|---|---|
| Adelaide – North | 665 |
| Adelaide – South | 455 |
| Adelaide – West | 263 |
| Adelaide – Central and Hills | 228 |
| South Australia – South East | 148 |
Design category breakdown
| Design category | Dwellings | Share |
|---|---|---|
| High Physical Support | 639 | 35% |
| Basic | 448 | 25% |
| Improved Liveability | 381 | 21% |
| Fully Accessible | 171 | 9% |
| Robust | 158 | 9% |
South Australia has the most diversified design profile of any state. The diversity serves a broad participant cohort and reduces dependence on any single design category — a buffer against income concentration risk. The combined Basic/IL share of 46% is the highest among the five larger state markets, and both categories carry the greatest VFM policy exposure. An NDIA decision to tighten IL or Basic eligibility would disproportionately affect SA income.
Supply and pipeline
South Australia has 1,802 enrolled dwellings against 1,614 active participants — a dwelling surplus at the system level. This is more moderate than Western Australia’s structural oversupply, but masks concentration issues: Adelaide metro is near-balanced while some peri-urban and regional SA areas carry elevated vacancy. The $60.0M funding commitment reflects a market that is nationally significant but, in SDAHC Research’s observation, underrepresented by institutional capital relative to its dwelling count.
SIL depth and asset-level performance
80 active SDA providers serve South Australia, concentrated in the Adelaide metro area. SIL depth is adequate for centrally-located assets but thins rapidly outside greater Adelaide. Regional SA — Barossa, Yorke Peninsula, Mid North — carries material SIL matching risk. Investors considering assets outside the Adelaide metropolitan boundary should scrutinise SIL provider arrangements before acquisition.
Market view
South Australia is primarily a retail SMSF and local operator market. In SDAHC Research’s market observation, institutional capital has made limited acquisitions; Adelaide residential values provide some alternative-use support for inner-city assets but are weaker than Sydney or Melbourne comparables. The VFM policy risk from the large Basic/IL cohort is the most significant forward-looking concern. The market outlook is stable but underdeveloped institutionally — transactional opportunity exists for buyers who understand the SIL ecosystem, but with elevated policy and vacancy risk relative to NSW and Victoria.
Source: SDAHC Research, SDA Market Report 2026. Figures reflect the most recent available NDIS data as at Q3 2025-26. See our methodology and data sources.