Heritage sporting icon Morphettville Racecourse’s $350m transformation is set to turn Adelaide’s property market on its head.
As punters gear up for this year’s Adelaide Cup, plant equipment is revving up, about to start construction on the new residential precinct which, at competition, will provide 400 new homes.
The South Australian Jockey Club-led upgrade – by Villawood Properties in conjunction with superannuation giant Hostplus – is also celebrating the Cup with a new home package release.
After a sell-out of the first two releases, the third release will come to market this weekend, with terrace homes starting at $650,000 – well below the Adelaide wide median – and trackside residences from $1.655m.
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Morphettville Racecourse is turning Adelaide’s property market on its head.
Construction on the first 44 homes is set to commence.
The Stage 1 civil works starting this month will cater for 20 trackside and 34 terrace homes. The works are scheduled for completion in November, allowing for home build starts immediately after.
The Quarter trackside housing component of the broader Morphettville upgrade has already drawn a thumping $2.72m for one of its three-storey, terrace-topped fence-line homes.
Together with two dozen sales including multiple affordable packages welcomed by new homebuyers desperate to enter the market, it is bringing ground-breaking housing diversity to South Australia market.
It is also shaking up the market with a clear sign of how the state’s housing future will soon look.
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The development will also include a supermarket, shops, hospitality outlets, and a new tavern.
A concept image of what one of the new living spaces may look like.
The wider Morphettville upgrade will see the course transformed into a key sporting, entertainment, specialty retail and residential hub, and a key drawcard for Adelaide.
Villawood CEO Alan Miller said the construction start and new release of The Quarter homes was historic on two fronts; one as a vital re-imagining of Adelaide’s heritage and, two, as an essential reshaping of diverse and accessible suburban housing in South Australia.
“This is really re-booting Adelaide housing’s possibilities and opportunities,” Mr Miller
said.
“It’s showing that the housing crisis can be tackled with good design, great aesthetics and proper affordable homes.
“Morphettville is proving to the rest of Australia that contemporary urban design, architecture and construction really can deliver the goods.”
Key features of the Morphettville racecourse’s broader masterplan include a new community plaza, linking Anzac Highway to Morphettville, for year-round events and creating a grand entry to the racecourse, mixed use apartment buildings with more than 150 residences, 250 townhouses and low-rise apartments, a supermarket, shops, hospitality outlets, a new SAJC-owned The Junction tavern and SAJC offices.
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