“Flat Rather than Falling” — Adelaide’s Latest Property Stats

Unit prices rose 0.5 per cent to a median of $330,572, while house values fell 0.5 per cent to $460,946.

Looking longer term, though, houses were the winners, with prices rising 2 per cent in the past 12 months, while unit values remained stagnant.

The iconic Adelaide Oval.

Head of research at CoreLogic, Tim Lawless described Adelaide’s performance as “flat rather than falling”, given previous months had shown minor growth.

“If that (falling price) trend continued, Adelaide could expect to end the year with prices down about 0.4 per cent for the year,” Mr Lawless said.

“The demographic factors aren’t there in Adelaide to suggest there will be any big growth in prices.

“The softer economy is not attracting the same level of investment as in other capitals, but as a whole it is holding, so there is a base level of demand for housing.”

According to the report, Hobart remains the nation’s top performing capital city— it experienced 3.4 per cent house price growth in the past quarter and 13 per cent growth in the past year. Its median house price now sits just under Adelaide’s at $444,613.

Tasmania also boasts the country’s strongest performing regional market.

Adelaide’s River Torrens.

Mr Lawless said, the Apple Isle was benefiting from an influx of investment from the eastern states, coupled with higher migration rates, as people were attracted to its growth and relatively low house prices.

Sydney and Melbourne meanwhile, experienced the greatest losses in the first quarter of 2018, with house values down 1.7 per cent and 0.5 per cent respectively.

Sydney, also dropped 2.1 per cent over the past year but Mr Lawless said its rate of loss was improving.

“If the trend towards an improving rate of decline persists, the Sydney housing market may have already moved through its peak rate of decline,” he said.

Originally published as A slow start to 2018 for Adelaide property.