Adelaide land prices fall back below Melbourne’s

Adelaide land prices dropped over the June quarter, new data shows. Adelaide land prices are once again cheaper than Melbourne’s, with new figures revealing they are falling after years of steady growth. New research by Oliver Hume Property Group shows the median price of Adelaide land fell back below $400,000 in the June quarter as supply constraints worsened and a cooling established market dented confidence. The median lot price now sits at $390,500 after falling 2.6 per cent over the three-month period – however it was still up 15.7 per cent over the year. Adelaide’s median overtook Melbourne’s in March but the fall has taken it back below the south eastern city’s, which is $404,000 after dipping 0.2 per cent in the June quarter. The research – which analyses thousands of land sales across key markets in Adelaide, Melbourne and South East Queensland – also showed Adelaide’s volume of land sales fell almost 17 per cent to 310 sales. Land prices are now cheaper than Melbourne’s, that data shows. Picture: Brett Wortman. It was a significant drop from the 545 recorded in the December quarter and 488 in last year’s June quarter. Prices rose in three of Adelaide’s five major markets,...