Adelaide housing market remains subdued with "intractably high" unemployment: APM

The Adelaide housing market remained "subdued" over the April quarter of 2013 "reflecting the nature of the underperforming local economy where unemployment over April remained seemingly intractably high at 6.1%".

This compares with a national unemployment rate of 5.5%.

Adelaide house prices increased just 0.1% over the quarter to $432,951 and are up by just 0.1% over the past year, according to the latest Australian Property Monitors (APM) quarterly report.

The unit market has fared worse with prices down 0.7% over the April quarter to $281,033 and down 0.4% over the past 12 months.

Howerver, APM reports some positive signs with the number of owner-occupied loans approved in South Australia up by 3.5% over the first 3 months of this year, compared to the same period last year, according to ABS home loan data.

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Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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