Adelaide has suffered the biggest median home value drop of any capital city over the past month, new data shows, with values down for the third consecutive month.<\/p>\n
According to realestate.com.au\u2019s September Home Price Index, Adelaide\u2019s median home value dropped 0.9 per cent or $7000 last month \u2013 and is down 1.6 per cent from its peak in May.<\/p>\n
Adelaide\u2019s median combined dwelling value \u2013 that of both houses and units \u2013 currently sits at $928,000, and is down from $935,000 last month.<\/p>\n
Houses also took a hit \u2013 down 0.9 per cent or $6000 for the month from a $1.011m median to $1.005m.<\/p>\n
Adelaide unit prices followed suit, dropping 0.6 per cent or $13,000 for the month from a $700,000 median to $687,000.<\/p>\n
Despite this, values are still up over the past 12 months, with Adelaide\u2019s combined dwelling price sitting 8 per cent or $75,000 higher than this time last year, its median house price 7.8 per cent higher or $80,000 more than last year, and its unit price 8.8 per cent or $45,000 higher than last August.<\/p>\n
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Adelaide\u2019s median home values have dropped for the third consecutive month. Picture: Brenton Edwards<\/p>\n
Report author, realestate.com.au senior economist Eleanor Creagh said national home prices had fallen for a fifth consecutive month in August as higher interest rates continued to constrain borrowing capacities and weigh on housing demand.<\/p>\n
\u201cWhile the pace of national price falls eased slightly in August, prices continued to decline across most capital cities,\u201d she said.<\/p>\n
\u201cMomentum has slowed in markets that have been among the strongest performers over the past year, with Adelaide recording the largest fall in August.<\/p>\n
\u201cAt the same time, the divergence between capital city and regional markets has widened.<\/p>\n
\u201cAs affordability pressures are pushing demand toward cheaper markets and dwelling types, both regional and unit markets are proving considerably more resilient.\u201d<\/p>\n
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Realestate.com.au senior economist Eleanor Creagh. Photo: Supplied<\/p>\n
She said further price falls were likely to be seen over the coming months, particularly across the capital cities.<\/p>\n
\u201cUncertainty around tax changes, the outlook for interest rates, and ongoing price falls, continue to weigh on confidence, keeping some buyers on the sidelines,\u201d she said.<\/p>\n
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