Adelaide median house price steady: Domain
Adelaide recorded a marginal quarterly decline in house prices, down by 0.3% to $519,517, according to Domain.
Comparatively, however, the 0.3% drop follows five consecutive months of house price increases and the result is up 4.1% year-on-year.
Adelaide was one of the few capital cities to record an increase in median unit prices over the September quarter, jumping 1.6% to $313,074. The quarterly result is 2.6% higher than the same time last year.
Domain quarterly stratified median house prices:
HOUSE | SEP 2017 | JUN 2017 | SEP 2016 | QOQ % | YOY % |
Sydney | $1,167,516 | $1,190,677 | $1,079,309 | -1.9% | 8.2% |
$880,902 | $869,598 | $773,399 | 1.3% | 13.9% | |
Brisbane | $551,840 | $552,874 | $531,767 | -0.2% | 3.8% |
Adelaide | $519,517 | $520,846 | $498,971 | -0.3% | 4.1% |
Perth | $554,095 | $561,391 | $567,314 | -1.3% | -2.3% |
Canberra | $723,980 | $693,962 | $655,468 | 4.3% | 10.5% |
Hobart | $409,592 | $392,170 | $356,916 | 4.4% | 14.8% |
Darwin | $593,329 | $615,670 | $610,510 | -3.6% | -2.8% |
National | $819,455 | $823,381 | $758,367 | -0.5% | 10.8% |
The median house rental price in Adelaide remained steady at $360 per week over the September quarter, up 2.9% year-on-year.
However, while house rental prices may have remained flat, Adelaide was the only city to record a positive increase in median unit rental prices – increasing 1.7% over the quarter to $295 per week.
"Second only to Hobart, Adelaide has one of the most affordable median house prices of all capital cities, and the most affordable median unit price," said Domain chief economist, Dr Andrew Wilson.
"Despite experiencing a drop in median house price over the quarter, the solid local market provides investors with growing confidence as it continues to deliver resilient results."