RP Data has released the October 2013 Housing Market Overview, and the results show interesting differences between units and houses in Adelaide.
Adelaide home values have fallen by 0.1 per cent, however strong growth was recorded in unit values, rising by 4.1 per cent over the September quarter.
This is compared with a rise of 5.7 per cent and 4.4 per cent for overall capital city houses and units, respectively.
In the 12 months leading to June 2013, the property market in Adelaide experienced a 4.9 per cent increase in sales activity, which could be driven by growing demand in the area.
In particular, property in Norwood has seen affordability increase in favour of apartments and units over the past year. The median unit price is currently $485,250, compared with $700,000 for houses.
Units in Norwood are also spending significantly less time on the market before being sold. Houses spend an average of 129 days on market, while units are sold in an average of 85 days.
In the greater Adelaide area, the median weekly rent for houses the city has increased by 2.7 per cent over the past 12 months. Units also saw a 0.8 per cent growth in weekly rent, which is encouraging news for investors who own real estate in Adelaide.