Several significant tower developments will have a considerable long-term impact on real estate markets in inner Adelaide, noted James Trimble, General Manager, Raine & Horne.
The two buildings have either equalled or bettered the record for Adelaide’s tallest building, which has stood for 30 years. The mixed-use 37 storey Adelaidian, located at 11-27 Frome Street, now holds the record at 135 metres. The next tallest building is Realm Adelaide, a 40-floor residential tower that stands at 132 metres high.
Set for completion in 2020, The Realm is equal in height to the previous record holder, 31 storey Westpac House built in 1988. “The Realm and Adelaidian are fantastic additions to the skyline that hasn’t seen much change in 30 years and will appeal to more international students at the University of South Australia and the University of Adelaide, as well as younger first-time buyers working in the City,” James explained. “More people are trading space for convenience, and the new towers play directly to those trends.
“Better still, they also have access to better bars, better restaurants, and better cafes in inner-city Adelaide.” Entry-level apartments in Adelaide are still available for around $420,000 with many more being built and in the planning stages.
James adds, “If you earn good wages, the buying power of younger people in Adelaide is infinitely higher than for their counterparts in the eastern capital cities.
“Better still younger South Australians are recognising Adelaide offers a comparable café lifestyle to Sydney, Melbourne and London, along with affordable modern apartment living.
“These factors are combining to stem the flow of Millennials from South Australia to the East Coast, which is good for our economy and real estate markets longer-term.”