Adelaide house prices remain 'strong' despite repeated interest rate hikes and the end of the COVID-19 real estate boom that resulted in major market dips in Melbourne and Sydney, experts say.
abc.net.au/news/adelaide-real-estate-market-remains-strong/101539868Adelaide house prices remain "strong" despite repeated interest rate hikes and the end of the COVID-19 real estate boom that resulted in major market dips in Melbourne and Sydney, experts say.
According to the latest CoreLogic data, property prices in Adelaide dropped 0.2 per cent in September, but were up 0.1 per cent over the past three months. Vendor Maria Maieli was concerned the recent rate hikes would turn prospective buyers off her investment property in Salisbury East.But she said she got "more than I expected" at auction on Saturday, selling her three bedroom home for $517,500, which was more than $52,000 above reserve.
"A lot of buyers now have adjusted their searching criteria ... so before they were looking at price points between $500,000 to $550,000. Now they might be looking $450,000 to $500,000," he said.He said it was "fantastic" that the Adelaide property market was yet to see any major decline, like in Melbourne and Sydney.