Adelaide's ambitious goal of doubling the City population by 2040 will require a great deal more residential development to support the forecast growth. Already, Adelaide is the second fastest growing local government area in the state with a consistent growth rate of 3 per cent in recent years.
Four of the State Government's strategic priorities are centred around housing and housing issues, favouring urban renewal over urban sprawl, ensuring medium to high density developments will be the way of the future.
These housing options will accommodate city residents from workers and young professionals to retirees, baby boomers and students.
Council is committed to facilitating the growth of supply and demand for residential growth in the city and will be working together with the State Government to achieve these goals. Leading demographer Professor Graeme Hugo said "the proportion of South Australia's population over 65 will rise dramatically" causing two outcomes: a multi-generational workforce and a new wave of retirees looking for lifestyle driven accommodation options.
This has already become evident in the mix of buyers for off-the-plan apartments Vue on central King William Street. The $100 million 205-apartment development will become the city's tallest residential tower at 27 storeys. The project, led by Adelaide-based Starfish Developments in collaboration with Asian Pacific Group, has been well received by all demographics from young professionals to more mature buyers looking to downsize and enjoy low maintenance city living.
"There's a new energy in the city at the moment, a feeling that anything is possible with the right vision and some hard work," Starfish managing director Damon Nagel said.
Starfish Developments is also behind the Bohem project on Wright Street in the city's West End that will feature 220 one, two and three bedroom apartments. The design features two buildings with scaled heights from 12 to 17 storeys and a two metre vertical garden facade. The $105 million development will begin construction in early 2015.
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Residential median price average growth since 2000
Residential median prices average growth since 2000