It’s not even a month since the Adelaide Advertiser printed an article Get ready for the big property boom where it suggested “THERE are increasing signs that South Australia’s next property boom will be its biggest yet.”
Today, it’s now printing :
ADELAIDE property prices have taken a hit from the global financial crisis with latest data showing house values have fallen 2.36 per cent in three months.
The news is worse for home owners in the outer suburbs, which have seen prices drop up to 10 per cent, according to the Real Estate Institute of SA.
RP Property data shown here shows Adelaide house prices are falling the fastest outside of Queensland.
Auction results for the weekend was just a poor. Of the eight properties listed on Saturday, only one sold. This contrasts to 12 months ago where of 63 properties listed, 44 of those sold.
Meanwhile, In another article printed in the Advertiser today it reports :
APARTMENTS in the new $110 million Latitude complex at Glenelg will be up to 25 per cent cheaper than the developer’s last beachside project. Urban Construct chief executive Todd Brown admits the market has slowed but denies an apartment glut has caused the price cut.
» Bank crisis hits Adelaide house values – The Advertiser, 5th October 2008.
» Sharp price drop on Bay apartments – The Advertiser, 5th October 2008.