Adelaide’s Housing Market Set to Expand with Numerous New Developments in 2024

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Adelaide is poised for a significant expansion in its housing market as several new developments are set to commence within the city’s inner 20km ring. The upcoming construction boom is expected to offer a diverse range of housing options, catering to various budgets in some of the city’s most sought-after postcodes.

According to a recent report by PRD Research, highlighted in Lydia Kellner’s article, “Listed: Where new homes will be constructed in 2024,” the suburbs of Brompton, Bowden, and Adelaide’s CBD will see the highest number of new constructions. Brompton alone will see an impressive 635 new dwellings breaking ground by the end of next year, making it the top suburb for new housing developments.

Kellner’s article indicates that this influx of new homes could offer potential buyers a golden opportunity. “Most of the homes expected to be sold off the plan, which could be beneficial for early buyers,” Kellner writes. PRD director Dr. Diaswati Mardiasmo supports this sentiment, stating, “One of the good things about this data is that it spotlights areas where median house prices are well below the metro-wide average, indicating quick recovery due to the current imbalance in demand and supply.”

The mix of housing types planned ranges from units and townhouses in areas like Glenelg and Adelaide CBD to houses in suburbs such as Salisbury North and Woodville West. These areas are not only anticipated to provide new housing but are also among the most affordable localities, with current house prices sitting between 8.8 to 44.5 percent below the metro average.

Dr. Mardiasmo further elaborates on the uniqueness of Adelaide’s market compared to other Australian cities. “Many people compare the city to Brisbane and the Gold Coast where most of the new stock is in the more expensive suburbs. But in Adelaide, you have a mixture… so there’s something coming for everyone,” she explained in Kellner’s article.

The strategic development in Adelaide comes at a crucial time when housing affordability and availability are key concerns across the nation. With planned residential supplies commencing in 2024, potential homebuyers have a lot to look forward to in terms of variety and value in Adelaide’s evolving real estate landscape.

References:

https://www.realestate.com.au/news/listed-where-new-homes-will-be-constructed-in-2024/