When it comes to residential apartments, Adelaide, along with the rest of Australia, is experiencing a building boom.
According to Kevin Stanley, head of property strategy and research for CommBank, this type of property building boom is new for the country. And residential apartment construction is usually focused around an accessibility to jobs, public transport and amenities.
While apartment building is’t something totally new to Australia, with major cities like Sydney and Melbourne having experienced this boom in construction for a few years now, other cities, including Adelaide, are gaining momentum.
“Adelaide is creating a whole new market of high density, high rise apartment buildings, tapping into pent up demand among owner occupiers and investors, particularly in the inner city area,’’ said Kevin Stanley.
In Adelaide, there are approximately 6,500 apartment proposals under way. According to Stanley, Adelaide sits at number 6 in the most apartments being built this year.
While Adelaide does lag behind the major cities like Sydney, Melbourne and Brisbane for apartment construction, there is a clear market demand for inner city apartment living and the good news is that developers are seeing this need and beginning to meet it. These developments are attracting buyers of various ages, nationalities and income thresholds, giving the Adelaide apartment market a positive outlook for the future.