Adelaide home prices outstrip nation

27 May 2004

Adelaide house prices continue to outperform the rest of the country, sitting only behind Darwin, new figures have revealed.

Australian Property Monitors yesterday released revised national residential median prices for the March quarter.

Adelaide and Darwin were the only capital cities to record price rises while values in Sydney and Melbourne fell sharply.

Adelaide recorded a 2.7 per cent rise from the December quarter, with the median price growing from $238,500 to $245,000. During the same period, the number of sales fell from 5267 to 4592.

The biggest performer was Darwin where house prices climbed by 9.4 per cent.

Melbourne recorded a house price decline of -12.9 per cent while Sydney had a decline of -7.5 per cent.

In the past year, Adelaide property prices grew by 20.7 per cent compared with a 13.6 per cent growth in Sydney and only a 3.2 per cent jump in Melbourne. The figures reveal unit prices in Adelaide rose by 3.9 per cent during the last quarter and by 20.5 per cent in the past year. Real Estate Institute of South Australia president Robin Turner said Adelaide houses had been under valued for some years.