The median price of property in Adelaide fell slightly in the first three months of the year, a study has revealed.
Data from Propell Valuers reveals that the average price of a property in Adelaide is $385,000 (£250,845).
This is 0.5 per cent lower than the average value recorded in the December quarter of 2010.
"Price levels are being affected more by national economic factors than by local issues indicating that the market is still strong and should continue to fluctuate around the current price levels for the first half of 2011," a report from Propell Valuers states.
The average rental rate in Adelaide in the first quarter of this year was $400 per week for a two-bedroom unit and $465 per week for a three-bedroom house.
Earlier this month, Dr Andrew Wilson, senior economist at Australian Property Monitors, predicted that Darwin and Adelaide will record modest house price growth this year.
Posted by Craig Francis
