Adelaide prices hold firm, says institute
The median house price for Adelaide was unchanged in the June quarter, stabilising at $365,000. The Real Estate Institute of South Australia says the city’s median was 16% higher than a year earlier but stagnated over the three-month period.
The institute says the number of house sales is down on a year earlier, which was expected after interest rate rises in February and March.
The median unit price rose 1.3% in the June quarter to reach $335,000 (17% higher than a year earlier).
The REISA says the good news for Adelaide is that its prices have not gone backwards, unlike other major cities. “Many cities fluctuate to large extremes but Adelaide tends to be more steady and reliable,” it says.