Recent sales of grand character homes – some on large allotments – are rapidly transforming a northern fringe suburb into the latest must-have address.
Prospect, famed for its funky cafe and retail scene, has experienced a run of grand villas in the past year – all with multimillion-dollar settlements – many of which would not at all look out of place in the prized 5061-postcoded inner-southern suburbs of Unley, Hyde Park, Malvern, and Unley Park.
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These include a 1920-built return veranda villa at 30 Daphne St on a 2043sqm allotment over two titles which SAILIS documents reveal transferred for $4.428m earlier this month.
30 Daphne Street, Prospect recently sold for a huge price. Supplied
Then there was the 31 Willcox Ave home that realestate.com.au has listed as selling in November. That five-bedroom home on an 1820sqm allotment with a court and pool fetched $4.06m.
And yet another stunner at 17 Gloucester St on a 947sqm allotment fetched $3.4m in November, SAILIS documents show.
31 Willcox Ave, Prospect also fetched a large sum. Supplied
According to PropTrack data, Prospect currently has a $1.265m median – a fair achievement, Williams Real Estate sales agent Marina Ormsby, who specialises in the suburb, said given the suburb also houses its fair share of more affordable accommodation that naturally scale that median back.
“I think this run of big sales has been a long time coming,” she said.
Real estate agent Marina Ormsby outside one of her recent Prospect home sales. Picture: Tim Joy
“It was always going to happen, it was just a matter of when, and it’s absolutely happening.
“Unley, Unley Park, Malvern – we’re now achieving prices that at one point you would have only achieved them there.
“We’ve got homes here that pre-Covid would have been $2m, and now they’re $3m-$3.5m, and there are some generationally-held homes here that would achieve significantly more than that.”
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On the comparison between postcode 5061, she said Prospect was nobody’s poor cousin,
“It’s a destination in its own right and that’s testament to the fact that families are moving within the suburb and those who have the money to live anywhere choose to stay here,” she said.”
42 Highbury Street, Prospect recently sold. Supplied
2 Le Hunte Ave, Prospect is another of the suburb’s impressive recent sales. Supplied
PropTrack data shows Prospect’s median house price is up 1.3 per cent over the past month, 20.5 per cent over the past year, 42.9 per cent over the past three years, and 79.7 per cent over the past five years.
Taarnby Real Estate director Tayla Taarnby, who sells in Prospect, said homes in the suburb were predominantly targeted by locals.
Tayla Taarnby. Supplied
“There’s a lot of wealth in Adelaide, a lot of people sitting on a pretty penny,” she said.
“I can’t see any reason, particularly in that high end, why prices would not continue to rise in Prospect because there’s still not enough stock to meet demand, and that demand is enormous.
2 Graham Place, Prospect recently sold. Supplied
As did 22 Alexandra Street, Prospect. Supplied
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“The gap between Prospect and suburbs like Unley Park, Unley, Malvern and so on is definitely closing and that’s due to people wanting a property that ticks their boxes and aren’t fussy about the 5061 postcode.”
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