The city’s significant investment in major infrastructure including universities, which is attracting a strong international student population, is driving new employment opportunities and growth in Adelaide.
Alex Stuart, Associate Director at Urbis comments, “Adelaide is very affordable compared to other Australian cities and the yields are also outpacing their eastern seaboard counterparts.
“The city’s significant investment in major infrastructure including universities, which is attracting a strong international student population, is driving new employment opportunities and growth in Adelaide.”
“Adelaide’s CBD apartment market is booming and purchasers are capitalising on the opportunities. In recent months, we have witnessed multiple purchases in West Franklin. Purchasers are buying both as an owner occupier as well as an investor. They are securing the best of both worlds,” added Cameron Porter, National Sales Manager for Greaton.
APM PriceFinder’s data also shows that Adelaide City’s new apartment products are attracting significantly higher weekly rental rates. The median weekly rental rate for new one and two bedroom apartments are achieving higher weekly rental rates compared to existing product.
The median weekly rental rate is $380 for a one bedroom, which is 21 per cent higher than an existing one bedroom apartment ($315). Similarly, the weekly median rental rate for new two-bedroom apartments is $460, exceeding existing apartments by 7 per cent ($430).
Mr Stuart added, “Over the past five years, the new apartment market in Adelaide has been strong with population growth having helped underpin demand in the inner city. There is also a trend towards higher density living. Jobs are increasingly located in the city centre which is where professionals like to live. Adelaide is one of the world’s most liveable cities and is undergoing a resurgence on the back of significant economic growth.”