Adelaide house prices drop again as buyer sentiment shifts

South Australia’s median house price has taken a hit for a second consecutive month, after values dropped in June for the first time since January 2023. According to REA Group’s August Home Price Index, Adelaide’s median home value dropped 0.5 per cent last month – down 0.7 per cent from its peak in May. Adelaide’s median combined dwelling value – that of both houses and units – is $935,000. Houses also took a hit – down 0.6 per cent for the month to a $1.011m median. Adelaide unit prices also dropped 0.4 per cent to a $700,000 median. Despite this, values are still up over the past 12 months, with Adelaide’s combined dwelling price sitting 10 per cent or $90,000 higher than the $845,000 reported this time last year, its median house price 9.7 per cent or $94,500 higher than last year, and its unit price 11.5 per cent or $75,800 more than last July. Adelaide’s median home values have dropped for the second consecutive month. Picture: Brenton Edwards Report author, REA Group senior economist Anne Flaherty said Adelaide had been a popular market for investors, and a decrease in new landlords thanks to announced budget changes may have had a large impact. “I think Adelaide is quite in...