SA land prices outpace Melbourne’s despite falling sales

Adelaide land prices have once again climbed above Melbourne’s, new data shows. Adelaide land prices have climbed back above Melbourne’s after falling below them for a brief six-month period. New research by Oliver Hume Property Group reveals the city’s median land price rose 6.4 per cent over the September quarter – and 19.1 per cent over the year – to $415,000, slightly above Melbourne’s $410,500. Adelaide land prices surpassed Melbourne’s for the first time earlier this year when the median rose 11.3 per cent in the June quarter to $417,500. Melbourne’s at the time was $406,000. Oliver Hume chief economist Matt Bell. The median fell back below Melbourne’s the following quarter – to $390,500 compared to the south eastern capital’s $404,000 – as supply constraints worsened and a cooling established market dented confidence. Despite the rises that have lifted Adelaide prices back above Melbourne’s in the September quarter, sales fell 2.1 per cent to 283 over the past three months. It is less than half of the 604 sales recorded in the same period last year and the second lowest quarterly reading since 2020. The quarterly result was weighed down by a weak July, with sales rising in A...