Adelaide city apartments are gaining popularity. Picture: Supplied by Knight Frank.
City apartments were once only considered fit for university students but a major market shift has caused demand for them to soar.
Adelaide’s booming property market is forcing many prospective buyers into affordable city apartments, which have more to offer residents than ever before.
Ray White Adelaide City director Andrew Downing said more “high quality” apartments were on offer at affordable prices and for the first time in years, they were considered good value for money.
“The rhetoric around living in Adelaide has changed, that’s had a really big knock on effect,” he said.
“If you look back through the decades, the growth of apartments was minimal – you’d be lucky to get your money back over 10 years.
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Ray White Adelaide City director Andrew Downing. Picture: Supplied.
“There’s been a real flip on apartment living.”
Latest PropTrack data reveals the suburb of Adelaide’s median unit price has climbed 7.6 per cent over the past year to a median of $565,000.
Mr Downing said CBD apartments’ price point were their main point of interest, coupled with higher quality offerings.
“Anything under $700,000 or $800,000 is very popular, very competitive,” he said.
“There are high quality apartments being built as opposed to the student apartments a few years ago.
“It was either being bought by an investor or parent trying to help out kids in that market.
“Developers are concentrating on local buyers and interstate buyers now, and people are buying them to live in.
“Most people who buy apartments to live in are working in the city or studying, it’s definitely a lifestyle choice.
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Harris Real Estate managing director Phil Harris. Picture: Supplied.
Harris Real Estate managing director Phil Harris said earlier in the year that while medium and high-density living wasn’t as advanced in Adelaide as it was in the eastern states, it was becoming more widely accepted.
“We’re never going to have that population but I think it’s full steam ahead,” he said at the time.
Mr Harris said building up was arguably a better option than it was to build all new infrastructure to accommodate more housing in lesser-populated areas further from the city.
He said buying off the plan was also very normal in the state now.
“Pre-Covid, selling properties off the plan was very challenging in South Australia,” he said.
“Now there’s been a massive shift in buyer behaviour.”
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