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Median House Price Falls in Adelaide

By Brett Pilgrim

Anyone who has been keeping their eye on property in Adelaide over recent months will have noticed that the median price has fallen slightly, giving plenty of incentive to those thinking of entering the market.

The Bendigo Bank/REIA Real Estate Market Facts publication for the September quarter shows that while median house prices have largely risen in Australia, Adelaide has bucked the trend.

The quarterly Australian median house price stands at $562,503, while in Adelaide the average property is valued at $397,000.

This marks a slight decline of 0.7 per cent compared to the previous three-month period, potentially giving people the push they need to make their first steps onto the property ladder.

The average cost of other dwellings fell to $305,000 over the same period.

Commenting on the figures, the Real Estate Institute of Australia’s Peter Bushby explained there is likely to be plenty of movement in the market over the coming 12 months.

“For the next year we expect interest rates to stay relatively low and continue to assist the market.

“We expect continued steady improvement in activity in most markets and generally a more positive year ahead provided there are no left-field global issues that emerge,” he commented.

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