The city bucking the downturn in house prices

Adelaide house prices are forecast to remain stable as interest rate rises bite and will not experience the substantial dropsSouth Australia’s treasurer says as he ups stamp duty revenues projections for 2022-23 by $111 million.

Mr Mullighan said the state needed to be on alert for tougher economic times amid predictions of a global recession. “We’ve got shocks on our doorstep next year,” he said. Even so, he still expected the property market to hold up.Mr Mullighan forecast total stamp duty revenues would be $1.12 billion in 2022-23, $111 million higher than the estimate made in early June of $1.013 billion.

Mr Mullighan trimmed the economic growth forecast for 2022-23 by 0.25 basis points to 2 per cent. The inflation rate was expected to be 7.25 per cent for the rest of 2022-23, sharply higher than the June budget prediction of 5 per cent.found houses in nearly all suburbs across Sydney, Melbourne, Brisbane and Canberra had fallen in value in the past three months as higher interest rates cut the borrowing capacity of buyers.

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