We've been hearing a lot about the rising home prices across Australia. It seems that, whenever the latest news comes out about the Australian property market, it's all about home values climbing ever higher and higher. How are Australians meant to settle down and grab themselves a slice of real estate, you might wonder.
Fortunately, this shouldn't have to worry you if you're planning on buying property in Adelaide. The latest numbers from the RP Data-Rismark June Hedonic Home Value Index show that Adelaide is one of the most favourable cities among the capitals for home buyers.
For example, while cities like Sydney saw their median home price rise by 15.4 per cent over the previous financial year, Adelaide only saw a modest price growth of 2.9 per cent. Bear in mind that this followed a price drop of 0.7 per cent over the last month, and a 0.4 per cent fall over the previous quarter. In fact, since the previous market peak, Adelaide has registered an overall price drop of 1.6 per cent.
This all makes Adelaide one of the least expensive capitals to buy property in. With a median house price of $400,000, it's only beaten out by Hobart in terms of affordability.
It looks like this may all be settling into something a little more permanent before long. RP Data Research Director Tim Lawless says we may well be seeing a slow down in the housing market's growth, with the quarterly rate of growth peaking at 4 per cent across Australia in August 2013. Capital gains have also become more sustainable.
"Dwelling prices have increased significantly over the past year, though there have been some signs of a moderation in the pace of increase recently," Reserve Bank of Australia Governor Glenn Stevens confirmed in a July 1 statement.
When you add all of this up, it's clear those hoping to purchase real estate in Adelaide shouldn't fret.