Adelaide's housing market continued to show strength amid the COVID-19 pandemic, as it clocked its largest monthly gain since 2008.
According to the latest market update from CoreLogic, the median dwelling value in Adelaide rose by 1.2% in October to $455,425. The city led the overall growth in median value across the country in the past month.
"Relatively low housing prices, an effective flattening of the virus curve and the stimulus of low interest rates are likely to be the main factors behind the growth in housing values, said Tim Lawless, head of research at CoreLogic.
Every sub-region of Adelaide reported gains in dwelling values over the past three months. Onkaparinga registered the strongest quarterly growth at 5.4%.
John Lindeman, a property market analyst, said Adelaide is among the capital cities that exhibit good potential for investors who want to buy and hold. Furthermore, he said the median house price in the city is relatively more affordable than in other capital cities, making it more attractive to investors.
"It’s a property market that combines liveability and affordability with long term growth consistency and price stability," he said.
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