Market Update - July 2022

Market Update – October 2022

With September now behind us, let’s take a look at where the national and local property market stands, heading into October.

Looking nationwide, every capital city except for Darwin is currently experiencing a downturn in housing prices. Here, Sydney is leading the downfall with a 2.3% fall in values for the month. Over the past quarter, home values have fallen by 3.4%, representing the largest quarterly decline in property prices since the 1980’s.

On the homefront, Adelaide housing has remained more resilient to falls than most areas. However, Adelaide’s home prices have begun their decline in light of higher interest rates showing a 0.1% fall last month.

Interestingly, regional South Australia was the only regional area across the nation that recorded an increase in housing values for the month.
Whilst Adelaide’s housing prices have declined slightly last month, Adelaide is still showing a 1.6 percent increase for the quarter and 21.8 percent for the past year, representing the highest annual growth rate of any capital city.

Trends suggest that Adelaide home values are likely to experience a further reduction in the coming months.

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