00:02Thursday morning in Adelaide's inner suburbs.
00:05Prospective buyers getting a sense of the market.
00:08Prices in Adelaide, they've become so excessive that that's actually damaging society.
00:13Young people have to be able to buy a property and establish a family.
00:17I guess for property owners, we're happy.
00:21But if you're trying to get into the property market, I think obviously that's pretty hard.
00:25According to Domain's latest report, Adelaide's median house price has now hit a record $1.125 million,
00:32jumping almost 5% in the last quarter and overtaking Melbourne as Australia's fourth most expensive city.
00:40Adelaide was quite the interesting one.
00:42It was the only market where we saw house prices re-accelerate over the quarter.
00:47But open inspection numbers paint a different picture.
00:51Did you think you might see more people at the inspection here this morning?
00:54I thought they'd be more than just myself. Yes.
00:59I think investors have significantly taken a step back since the budget.
01:05And that's made a big difference.
01:07Nationally, market conditions have softened with more homes up for sale,
01:11taking longer to sell and auction clearance rates falling to their lowest level since early 2020.
01:18There are some cities that are seeing deeper price falls.
01:21Other cities are still rising.
01:23But the deeper price falls are coming out of markets like Sydney, Melbourne and Canberra.
01:28A turning tide for Australia's housing market.
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01:32A turning tide for Australia .
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