Adelaide's median property price could overtake Australia's most populous city in weeks if trends continue. Property data for July was released this week and it showed the South Australian capital is hot on the heels of Melbourne.

CoreLogic data for July revealed that Melbourne's median house price currently sits at $781,949, while Adelaide's is at $776,597. Perth is also keeping pace and is now at $773,335.

“We haven’t seen a period in the past where Adelaide’s median value has been above Melbourne’s,” CoreLogic research director Tim Lawless said.

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“Given Adelaide values have been consistently rising by more than 1 per cent each month since March, there is a good chance we will see Adelaide’s median dwelling value surpass Melbourne’s next month.

“It’s also likely we will see another fall in Melbourne values through August, which increases the chances of Adelaide overtaking Melbourne’s median.”

He also predicts Perth could overtake Melbourne in the coming weeks if the Western Australian market continues to be competitive.

Rebecca Neale has been working as a real estate agent for three decades and told 7News she's never seen gains like this before in Adelaide.

"It's just unheard of. It's something that I think we've all got to realise is happening, but to try and come to terms with that in our own minds is a big step," she said.

A simple case of supply and demand: 'Out of control'

Experts are pointing to the supply of homes as one of the biggest factors driving high prices in hot markets like Perth, Brisbane and Adelaide.

Cohen Handler buyer's agent Ryan Lobik told Yahoo Finance the hunger in Perth from local, interstate and international buyers is unprecedented.

"There are so few properties in some of these suburbs now," he said. "Two years ago, you'd have five properties in a suburb with 10 active buyers for it. So you'd have two buyers per property.

"Now you've probably got 20 buyers on one property. So, when a property comes up, the demand on it is just crazy, out of control."

CoreLogic data for July found the number of homes for sale in Perth, Brisbane and Adelaide was more than 30 per cent below the average for this period of the year.

Conversely, Melbourne's "higher-than-average stock levels" and "low confidence" are causing growth to be much slower, according to Lawless.