Adelaide real estate has long consisted of the traditional house and land blocks of a typical suburban location. However, Adelaide is experiencing a steady solid move toward more urban central apartment lifestyle living. And it is changing the look of Adelaide’s skyline in an impressive way.
Demand for inner city apartments are being fueled from both ends of the market according to Chris Troughton, chief executive of the Real Estate Institute of South Australia. At one end is the student apartment market where location is everything. And at the top end of the market are those looking to downsize into a high end luxury apartment with all the amenities.
The South Australian Government has also made it a little more attractive for developers to delve into central CBD projects, like removing particular council approval needs for a building up to eight stories in height. Combine this with Adelaide’s lower development costs and lower land costs when compared to the East coast centres and many interstate builders are looking to make their mark here too.
Strong interest has been shown in Adelaide’s high rise development from interstate builders like Stockland and Mirvac, as well as from international developers across the Asian region.