Adelaide home prices are showing signs of easing, new data reveals. Picture: Brenton Edwards
Adelaide property value growth is showing signs of easing, with new data revealing prices have fallen for the first time in more than three years.
PropTrack’s Home Price Index for June shows dwelling prices – for both houses and units – were down 0.2 per cent, taking the median to $942,000.
The last monthly decline in Adelaide’s dwelling value was recorded in September 2022, according to PropTrack.
House and unit prices dropped 0.2 per cent respectively over the past month, according to the data.
Adelaide’s median house price now sits at $1.019m, while its median unit price is $704,000.
The last time house prices recorded a decline was January 2023, while it was a month earlier in December 2022 for units.
Ray White SA chief executive Matt Lindblom. Picture: Supplied.
Despite the slight dips in June, house prices were 11.5 per cent – or $112,300 – higher than a year ago, while those of units were up 13.9 per cent – or $90,900.
Dwelling prices were also higher than a year ago – up 11.9 per cent or $106,300.
Ray White SA chief executive Matt Lindblom said there was less demand and fewer properties selling at the moment.
As investors were pulling back, he said first-home buyers were replacing them.
“What first-home buyers are doing is saying, ‘this is probably about as good as it gets for me to buy in because the market is stalling’,” Mr Lindblom said.
Many people were choosing to hold off on selling because of market uncertainty, Mr Lindblom said.
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“The main thing we’re seeing in the market is that largely people seem to be in a good financial position, we aren’t seeing forced sales,” he said.
While he didn’t think the slowdown would last long, Mr Lindblom believed the rate of price growth would ease, similar to the 2023 market.
“By spring I think it will be fairly normal,” he said.
“But until the government fixes the supply problem, prices will continue to rise.
“The growth of the market will slow in terms of price though.”
Nationally, home prices fell for the third month running, dipping 0.3 per cent in June to a median of $903,000.
They remain 5.8 per cent higher year-on-year despite the monthly decline.
REA Group senior economist Anne Flaherty. Picture: Supplied.
REA Group senior economist Anne Flaherty said home prices had softened across every capital city except Darwin in June as higher interest rates and cost of living pressures continued to weigh on purchasing power.
“The budget may have also contributed to more cautious decision making among both owner occupying buyers and investors,” she said.
“The strongest performing parts of the market continue to be those offering the greatest affordability.
“Regional markets outperformed capitals over both the month and the year.”
Regional SA recorded some of the country’s best dwelling value growth for both the month and the year – up 0.3 per cent and 12.7 respectively to a median of $522,000.
Ms Flaherty said affordability was likely to keep driving market performance, with the share of buyers looking to purchase in more affordable areas likely to increase.
“As yet, the full impact of the budget on investor demand remains to be seen,” she said. “Overall, conditions appear to have improved for first-home buyers, who will benefit from lower home prices and less investor competition in 2026.”
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