Adelaide home values plunge for fifth straight month, new data shows

Adelaide homeowners have lost $44,000 on the value of their houses in the past five months as the median price dropped for the fifth consecutive month. The city once again suffered the greatest value drop of any capital, new data shows, with values down for the fifth consecutive month. According to realestate.com.au’s November Home Price Index, Adelaide’s median home value dropped 0.6 per cent or $8,000 last month – and is down 3.4 per cent from its peak in May. Houses took a hit – down 0.6 per cent or $9,000 for the month from a $990,000 median to $981,000. The median house price was $1.025m in June. Adelaide’s median combined dwelling value – that of both houses and units – currently sits at $907,000, and is down from $915,000 last month. Adelaide unit prices followed suit, dropping 0.1 per cent or $5,000 for the month from a $681,000 median to $676,000. Despite this, values are still up over the past 12 months, with Adelaide’s combined dwelling price sitting 3.1 per cent higher than this time last year, its median house price 3 per cent higher than last year, and its unit price 3.7 per cent higher than last October. Prop Track senior economist Eleanor Creagh Report author, reale...