“Adelaide maintains its top spot as the strongest-performing capital city market over the past year, with home prices up 5.60 per cent,”

Hopeful homebuyers will be dismayed by recent figures in Adelaide, with house prices rising to a new peak in May.

Prices are up 0.58 per cent compared with April and 2.64 per cent year-to-date to reach a new high, with the median value of a home now $660,000

The affordability of homes in Adelaide compared with other Australian cities has allowed prices to remain high as interest rates rise.

This is being aided by low stock levels that have intensified competition for homes.

The rebound in housing prices is accelerating despite the Reserve Bank’s campaign to lift interest rates.

National home prices have increased 0.33 per cent in May, bringing the 2023 rise to 1.55 per cent according to PropTrack’s latest house price index.

Every capital city except Darwin recorded an increase and prices in all regional markets rose too except for regional NSW and regional Victoria.

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Article Source: News.com.au