Adelaide has shown itself to be immune from some of the significant price swings seen in some of the nation's capitals, as details of the July CoreLogic RP Data Hedonic Home Value Index emerge.
The figures show that during the 12 months to July, the price of Adelaide property increased 3.4 per cent. This brought the city's median dwelling price to $400,000, making it one of the most affordable capitals in the country.
The statistics also revealed that property buyers have witnessed gross returns of 7.9 per cent over the same period. As a result, this is the fourth-strongest rise in the country, ranking behind Sydney, Melbourne and Brisbane.
Tim Lawless, CoreLogic RP Data's head of research, suggested that property buyers might want to consider what type of real estate they are going to buy.
"Across every capital city except Hobart and Darwin, we are seeing detached housing outperform units for capital gain, with house values up 11.6 per cent compared with a 7.2 per cent increase in unit values over the past year," he noted.
This follows the release of figures from the Real Estate Institute of South Australia (REISA), which valued Adelaide's median house price slightly higher than CoreLogic RP Data indicates. The group revealed that during the second quarter of the year, the median house price reached $428, 250, up 0.76 per cent from the previous three-month period.
REISA president Greg Moulton said the results point to strong fundamentals in the Adelaide property market and that buyers are willing to pay a premium to live in the area.
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