A new report from recently listed property company Domain (ASX:DHG) has revealed that Adelaide has the lowest median unit price, making it the nation’s most affordable capital city.
The Domain House Price Report December Quarter 2017, found that the median house price in most capital cities rose over the December quarter.
The national median house price increased by 1.4% to $813,024 and the annual rate of growth decreased to 5%, the lowest since September 2016.
The slowdown mainly is due to the cooling Sydney market, which has occurred as a result of tightened lending conditions and a crackdown on foreign investment.
Adelaide saw a 0.9% increase in median house prices to $522,815. This represents a Year-on-Year increase of 3.5%.
Adelaide’s median unit price of $315,794 is the lowest of any capital city. Unit prices declined by –1.6% over the quarter due to heightened levels of supply according to the report.
Domain Data Scientist Dr Nicola Powell, remained upbeat on Adelaide’s prospects this year.
“Adelaide has avoided the extreme price surges impacting Australia’s east coast markets,” she said. “Its steady pace of growth and diverse coastal lifestyle makes it a reliable location for buyers heading into 2018.”