Arabic version: أسعار منازل أديلايد تبلغ مستوى قياسياً عند 1.125 مليون دولار

According to ABC News, Adelaide’s median house price rose 4.8 per cent in the June quarter to a record $1.125 million, making it the fastest-rising capital-city market over the period. The figure was up from $970,165 a year earlier, while Australia’s median capital-city house price fell during the quarter.

Domain’s latest House Price Report places Adelaide as Australia’s fourth most expensive capital for house purchases, behind Sydney, Brisbane and Perth. Domain chief of research and economics Dr Nicola Powell said the city was “bucking the national trend”, with growth accelerating over both the quarter and the year while other capital cities did not show the same pattern.

Dr Powell said housing supply was helping drive changes in prices nationally. Supply across Australia’s capital cities increased about 17 per cent over the past year, compared with a six per cent rise in Adelaide. She also said Adelaide continued to have one of the country’s tightest rental markets, which was pushing demand towards home purchases more quickly.

However, local agents reported softer conditions at open inspections and auctions. Belle Property Real Estate principal John McRostie said buyer confidence was lacking, particularly among investors, and sellers might need to price properties properly and be prepared to adjust. At a Parkside inspection, local resident John Albanese was the only attendee.

Dr Powell described Adelaide as a long-term “quiet achiever” in property prices, but said quarterly growth of about 5 per cent was not sustainable. She expects higher borrowing costs to slow the pace of growth and said Adelaide house prices were likely to decline in future reports, though not at the levels seen in other capital cities.